Debt Payoff Calculator

Calculate how long it will take to pay off multiple debts. Essential for debt consolidation and financial planning.

How to Use Debt Payoff Calculator

1. 1.**Add your debts** with balance, APR, and minimum payment
2. 2.**Enter extra payment** amount (optional)
3. 3.**Click "Calculate Payoff"** to see timeline
4. 4.**View results** for total debt and payoff strategy

Features

• •**Multiple Debts**: Add unlimited number of debts
• •**Extra Payments**: See impact of additional payments
• •**Interest Savings**: Compare with and without extra payments
• •**Payoff Timeline**: Months to become debt-free

Debt Payoff Strategies

Snowball Method

• •Pay minimums on all debts
• •Pay extra on smallest balance first
• •Build momentum as debts are eliminated

Avalanche Method

• •Pay minimums on all debts
• •Pay extra on highest APR first
• •Save most money on interest

Debt Consolidation

• •Combine multiple debts into one loan
• •Lower overall interest rate
• •Single monthly payment

Interest Calculation

Monthly Interest = Balance × (APR ÷ 12)

Total Interest = Sum of all interest payments

Tips for Debt Payoff Success

• •**Stop accumulating new debt** while paying off existing
• •**Create a realistic budget** to find extra payment money
• •**Use windfalls** (bonuses, tax refunds) for extra payments
• •**Consider side income** to accelerate payoff
• •**Track progress** regularly to stay motivated

Common Debt Types

• •**Credit Cards**: High interest, variable rates
• •**Personal Loans**: Fixed interest, set terms
• •**Student Loans**: Variable rates, tax deductible
• •**Auto Loans**: Secured, fixed terms
• •**Medical Bills**: Often negotiable payment plans

Warning Signs of Debt Trouble

Debt Management Resources

• •**Credit Counseling**: Professional debt management
• •**Debt Consolidation**: Combine multiple debts
• •**Balance Transfer**: Move to lower APR cards
• •**Debt Settlement**: Negotiate reduced balances
• •**Bankruptcy**: Last resort for severe debt