Debt Payoff Calculator
Create your personalized debt elimination strategy and calculate your path to financial freedom.
Select Payoff Strategy
Your Debt Freedom Plan
🎉 Debt-Free Date
July 2029
Total Interest Saved
$3,247
Time Saved
18 months
Minimum Payments Only
Payoff Time:
5.2 years
Total Interest:
$8,347
Total Paid:
$23,347
With Extra Payments
Payoff Time:
3.7 years
Total Interest:
$5,100
Total Paid:
$20,100
Interest Savings Visualization
Progress Milestones
📅
Monthly Payment
$650
📈
6-Month Progress
$3,900
🎯
Yearly Progress
$7,800
Debt Payoff Strategies
Debt Snowball Method
Pay minimums on all debts and direct extra funds to the smallest balance first for psychological wins and momentum.
Debt Avalanche Method
Optimize interest savings by targeting the highest APR first while maintaining minimums on other debts.
Other Tactics
- Balance Transfer: Move high APR balances to promo 0% cards (watch fees)
- Consolidation Loan: Replace multiple debts with one lower-rate loan
- Negotiate Rates: Ask issuers for hardship rates or payment plans
Key Formulas
Monthly Interest:
interest = balance × (APR/100 ÷ 12)
Principal Paid:
principal = payment − interest
Tips
- Automate payments to avoid missed due dates
- Snowball for motivation, Avalanche for math savings