Debt Payoff Calculator
Modify the values and click the calculate button to use
| # | Debt name | Remaining balance | Monthly or min. payment | Interest rate |
|---|---|---|---|---|
| 1. | ||||
| 2. | ||||
| 3. | ||||
| 4. | ||||
| 5. | ||||
| 6. |
If "Yes" is chosen, after a debt has been paid off, the money that was being paid to that specific debt will be distributed towards paying off remaining debts; the total amount initially allotted to monthly payments will be fixed until all debts are paid off. If "No" is chosen, after a debt is paid off, the monthly payment for that particular debt will not be distributed towards paying off the remaining debts. In this case, the total amount allotted to monthly payments decreases as debts are paid off.
Debt Payoff Calculator
Take control of your finances with our Debt Payoff Calculator, a powerful tool designed to help you eliminate debt efficiently. Whether you’re dealing with credit cards, loans, or mortgages, this calculator provides a clear road map to becoming debt-free while minimizing interest costs.
How It Works
This calculator uses the debt avalanche method, the most cost-effective strategy for paying off debt. It prioritizes debts with the highest interest rates first, reducing the total interest you pay over time.
Key Features
✅ Multiple Debt Support – Enter all your debts (credit cards, loans, mortgages) to see a consolidated payoff plan.
✅ Extra Payments – Accelerate your payoff by adding monthly, yearly, or one-time extra payments.
✅ Fixed vs. Variable Payments – Choose whether to redistribute payments to other debts as you pay them off (fixed) or reduce monthly payments as debts are cleared (variable).
✅ Detailed Payment Schedule – Get a month-by-month breakdown of how much to pay on each debt until you’re debt-free.
✅ Interest Savings – See how much you’ll save in interest compared to making minimum payments.
Why Use This Calculator?
Save Money – Pay off debt faster with less interest.
Stay Motivated – Track progress with a clear timeline.
Customizable Strategy – Adjust payments to fit your budget.