Debt Payoff Calculator

The Interactive Debt Calculator

Debt Payoff Comparison

Use a Debt Consolidation Loan

A debt consolidation loan combines multiple debts into a single loan, often with a lower interest rate and one manageable monthly payment. This can simplify your finances and may reduce your total monthly payment. However, it’s important to carefully review the loan terms, consider any fees, and avoid taking on new debt to ensure long-term financial relief.

Total Debt
Monthly Payment
Total Interest Paid
Debt Consolidation Loan Interest Rate
Debt Consolidation Loan Term in Months

Could a lower interest rate help you pay off debt faster?

Compare personal loan options side by side and see whether debt consolidation makes sense for you.

Minimum Payments Only

Paying only the minimum on debts is the worst way to pay off your debt, resulting in the longest repayment period and highest total interest. Your minimum payment decreases as your balance drops (it’s typically a percentage of your debt). However, even with shrinking required payments over time, this approach drags out your repayment timeline while interest piles up, ultimately costing far more than strategies that prioritize paying above the minimum.

Total Monthly Payment
Time to Pay Off
Total Interest Paid

Could a lower interest rate help you pay off debt faster?

Compare personal loan options side by side and see whether debt consolidation makes sense for you.

Maintain Your Current Payments

This method calculates your debt repayment timeline based on your current payment amounts. Because you’ll paying more than the minimum after the first month, you will pay off your debt faster than making only minimum payments over time. However, other strategies could help you reduce interest costs and accelerate your payoff even more.

Total Monthly Payment
Time to Pay Off
Total Interest Paid

Could a lower interest rate help you pay off debt faster?

Compare personal loan options side by side and see whether debt consolidation makes sense for you.

The Debt Snowball Method

The Snowball Method applies your extra payment toward your smallest debt first while maintaining minimum payments on others. As each debt is paid off, the freed-up amount rolls into the next smallest debt, keeping your total monthly debt payment the same. This approach builds momentum, providing quick wins that can boost motivation and keep you on track.

Monthly Snowball Payment
Time to Pay Off
Total Interest Paid

Could a lower interest rate help you pay off debt faster?

Compare personal loan options side by side and see whether debt consolidation makes sense for you.

The Debt Avalanche Method

The Avalanche Method applies your extra payment to the debt with the highest interest rate first while maintaining minimum payments on others. Just like with the Snowball Method, your total monthly debt payment stays the same, but by tackling high-interest debt first, this method reduces the total interest paid and can lead to even faster debt freedom. While highly efficient, it may require patience before seeing major progress.

Monthly Avalanche Payment
Time to Pay Off
Total Interest Paid

Could a lower interest rate help you pay off debt faster?

Compare personal loan options side by side and see whether debt consolidation makes sense for you.

Debt Consolidation Loan Plus Snowball

This hybrid approach combines the simplicity of debt consolidation with the momentum of the Snowball Method. By consolidating your debts at a lower interest rate and continuing to make the same total monthly debt payment, you can pay off your loan faster and reduce interest costs. This method provides both structure and an accelerated path to becoming debt-free.

Monthly Payment
Time to Pay Off
Total Interest Paid
Interest Rate

Could a lower interest rate help you pay off debt faster?

Compare personal loan options side by side and see whether debt consolidation makes sense for you.