Debt Payoff Calculator

Two methods

Avalanche: pay minimums on everything and put extra money on the highest-interest debt. Saves the most.
Snowball: put extra money on the smallest balance first. Costs a little more, but quick wins keep you motivated.

Example

A $5,000 card at 24% APR, a $2,500 card at 19% and an $8,000 car loan at 7%, with $200 extra a month: debt-free in 2 years and 5 months with the avalanche, saving about $149 compared with the snowball.

Frequently asked questions

What if the minimum barely covers interest?

Call the lender about a hardship plan or consider a lower-rate consolidation loan.

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<iframe src="https://calcmundi.com/embed/debt-payoff-calculator/" title="Debt Payoff Calculator" loading="lazy" style="width:100%;max-width:680px;height:640px;border:0"></iframe><script>addEventListener("message",function(e){if(e.origin==="https://calcmundi.com"&&e.data&&e.data.cmH)document.querySelectorAll("iframe[src^='https://calcmundi.com/embed']").forEach(function(f){if(f.contentWindow===e.source)f.style.height=e.data.cmH+"px"})})</script><p style="font:13px sans-serif">Calculator by <a href="https://calcmundi.com/debt-payoff-calculator/">CalcMundi</a></p>

Results are estimates for information only and are not financial, legal or medical advice. Rates, taxes and fees vary — confirm with a professional or your lender.

Two methods

Example

Frequently asked questions

See also

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