Debt Payoff Calculator
The calculator below estimates the amount of time required to pay back one or more debts. Additionally, it gives users the most cost-efficient payoff sequence, with the option of adding extra payments. This calculator utilizes the debt avalanche method, considered the most cost-efficient payoff strategy from a financial perspective.
Debt Information
Modify the values and click the calculate button to use
| Debt name | Remaining balance | Monthly payment | Interest rate |
|---|---|---|---|
$
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$
|
% | |
$
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$
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% |
Extra Payments
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.