Debt Payoff Planner
See how extra payments help you become debt-free.
Payoff Date
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Total Interest
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About Debt Payoff
Getting out of debt requires a plan. Use this calculator to see when you will be debt-free based on your current monthly payments. Try increasing your payment amount to see how much time and interest you can save.
Strategies for Success
- Snowball Method: Pay off your smallest debts first to build momentum.
- Avalanche Method: Pay off debts with the highest interest rates first to save the most money.
- Consolidation: Combine multiple debts into one loan with a lower interest rate.
The Cost of Interest
Interest is the price you pay for borrowing money. High-interest debt, like credit cards, can double the cost of your purchases if you only make minimum payments. Paying more than the minimum goes directly to the principal, reducing the total interest you pay.