← Back to Tools
Debt Payoff Calculator
Calculate how quickly you can pay off your debt using different strategies
Your Debts
Debt 1
$
$
$
Debt Payoff Strategies
Avalanche Method
Pay off debts with the highest interest rates first. This method saves you the most money in interest over time.
Snowball Method
Pay off debts with the smallest balances first. This method provides quick wins and psychological motivation.
Minimum Payments
Only making minimum payments on all debts. This shows the cost of not using a strategic approach.
Tips for Faster Payoff
- Cut unnecessary expenses to increase payments
- Use windfalls (tax refunds, bonuses) for debt
- Consider a balance transfer to lower rates
- Negotiate lower interest rates with creditors
- Take on a side hustle for extra income
- Avoid adding new debt during payoff
Your Debt Summary
Total Debt:$0
Number of Debts:1
Avg Interest Rate:0.00%
Min Monthly Payment:$0