Debt Payoff Calculator
The Interactive Debt Calculator
Debt Payoff Comparison
Minimum Payments Details
Making only minimum payments on your debts will result in the longest repayment period and highest total interest paid. This approach maintains your current financial obligations but may not be the most cost-effective strategy for becoming debt-free.
- Total Monthly Payment
- Time to Pay Off
- Total Interest Paid
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Current Payments Details
This method shows your debt repayment timeline based on your current payment amounts. While it may be faster than minimum payments, there might be more efficient strategies to accelerate your debt payoff journey.
- Total Monthly Payment
- Time to Pay Off
- Total Interest Paid
Check Personal Loan Rates and
Snowball Payment Details
The Snowball Method focuses on paying off your smallest debts first while maintaining minimum payments on others. As each debt is paid off, you roll those payments into the next smallest debt, creating momentum and psychological wins that can help maintain motivation.
- Monthly Snowball Payment
- Time to Pay Off
- Total Interest Paid
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Avalanche Payment Details
The Avalanche Method prioritizes paying off debts with the highest interest rates first while making minimum payments on others. This mathematically optimal approach minimizes the total interest paid and can lead to faster debt freedom, though it may require more discipline.
- Monthly Avalanche Payment
- Time to Pay Off
- Total Interest Paid
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Consolidation Loan Details
Debt consolidation combines all your debts into a single loan, often with a lower interest rate and one monthly payment. This can simplify your finances and potentially reduce your total monthly payment, though it’s essential to understand the new loan terms and avoid accumulating new debt.
- Total Debt
- Monthly Payment
- Total Interest Paid
- Debt Consolidation Loan Interest Rate
- Debt Consolidation Loan Term in Months
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Consolidation with Snowball Details
This hybrid approach combines the simplicity of debt consolidation with the power of making extra payments. By consolidating your debts and applying additional funds when available, you can potentially pay off your consolidated loan faster and save on interest charges.
- Monthly Payment
- Time to Pay Off
- Total Interest Paid
- Interest Rate