Debt Free Calculator
Calculate your debt free date and create a personalized debt payoff plan. See how different payment strategies affect your timeline and total interest paid.
Step 1: Debt Information
Debt Payoff Strategies
Avalanche: Pay minimums on all debts, then put extra toward the debt with the highest interest rate.
Snowball: Pay minimums on all debts, then put extra toward the debt with the smallest balance.
Step 2: Optimization Options
Debt Payoff Tips
1. Pay more than the minimum whenever possible.
2. Consider debt consolidation if you have high-interest debt.
3. Build an emergency fund to avoid new debt.
Debt Payoff Plan Results
Your Debt Free Date
Debt Payoff Strategy Comparison
| Strategy | Debt Free Date | Total Interest | Months to Payoff | Monthly Payment |
|---|
Effective Debt Payoff Strategies
The Avalanche Method
How it works: List all debts by interest rate (highest to lowest). Pay minimums on all debts, then put all extra money toward the debt with the highest interest rate.
Best for: People who want to save the most money on interest.
The Snowball Method
How it works: List all debts by balance (smallest to largest). Pay minimums on all debts, then put all extra money toward the smallest balance.
Best for: People who need quick wins and psychological motivation.
Debt Consolidation
How it works: Combine multiple debts into one loan with a single monthly payment, ideally at a lower interest rate.
Best for: People with multiple high-interest debts who can qualify for a lower rate.
Balance Transfer
How it works: Transfer high-interest credit card debt to a card with a 0% introductory APR period.
Best for: People with good credit who can pay off debt during the promotional period.
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