Debt Payoff Calculator
When you'd be debt-free, what it costs in interest, and which debt to attack first.
Your debts
Minimum payment now: $185 a month (1% of the balance plus interest, so it shrinks as you pay).
Normal payment: $284 a month, fixed, over the months left.
Paying extra
On top of every debt's normal payment. It goes to one debt at a time; when that one is gone, its payment rolls onto the next.
Your payoff plan
Highest rate first: debt-free in 2 years 6 months, $2,446 in interest. That's $4,290 less than paying only the normal payments.
What you still owe
All debts together, month by month, for each plan.
Payoff order
Every debt gets its normal payment; the extra goes to the top one until it's gone.
- 1Credit card · $6,500 · 22.15% · $185/moGone in 1 year 8 months
- 2Car loan · $12,000 · 6.39% · $284/moGone in 2 years 6 months
Add $100 more a month and you're debt-free 4 months sooner.
How it's calculated
Every debt keeps taking its normal payment each month: the card's minimum, the loan's fixed instalment. Whatever extra you add goes to one debt only. When that debt is gone, its normal payment joins the extra and moves to the next one, so the amount attacking your debts grows as they fall.
Highest rate first, the avalanche, always costs the least interest, because the most expensive money is retired soonest. Smallest balance first, the snowball, closes a debt sooner, which is worth something if a quick win keeps you going. The gap between them is usually small; the gap between either and doing nothing is not.
The chart stops at forty years. A card paid at its minimum alone can take longer than that, which is the whole point of the extra.