Payoff Calculator
Calculate payoff timelines, interest savings, and compare different debt repayment strategies. Plan your path to financial freedom with optimal repayment scheduling.
Step 1: Debt Details
$100
Average Interest Rates
Credit cards: 16-24%. Personal loans: 6-12%. Mortgages: 3-7%. Auto loans: 4-8%. Making extra payments significantly reduces payoff time.
Step 2: Payoff Strategy
2
Payoff Strategies
Avalanche method saves the most on interest. Snowball method provides psychological wins with quick small debts paid off. Choose based on your financial psychology.
Payoff Calculation Results
Summary
Payoff Timeline
Strategy Comparison
Projected Payoff Date
Oct 2026
3 years, 4 months from now
Total Interest
$1,240
Time Saved
1 year, 8 months
Interest Saved
$620
Total Payment
$11,240
Payoff Timeline Visualization
Months to Payoff
40
Monthly Payment
$300
First Year Progress
30%
Debt-Free Age
42
Repayment Strategy Comparison
| Strategy | Payoff Time | Total Interest | Interest Saved |
|---|
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