Debt Management Calculator
Calculate your debt repayment plan. Understand how payment amounts, interest rates, and repayment strategies affect your debt-free timeline and total interest paid.
Step 1: Debt Details
Understanding Debt Types
Different debt types have different interest rates and terms. Credit cards typically have higher rates (15-25%), while mortgages and auto loans have lower rates (3-7%).
Step 2: Repayment Details
About Repayment Strategies
Avalanche method saves more on interest by paying highest-rate debt first. Snowball method provides psychological wins by eliminating smaller debts faster.
Debt Repayment Results
Total Interest Paid
Debt Repayment Strategy Comparison
| Strategy | Total Interest | Payoff Time | Total Cost | Monthly Payment |
|---|
Payment Schedule Analysis
Debt Repayment Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n – 1]
Where P = principal amount, r = monthly interest rate (annual rate ÷ 12), n = total number of payments. This formula calculates the fixed monthly payment needed to pay off debt over a specified period.
Need Professional Debt Advice?
Connect with our financial advisors for personalized debt management strategies, consolidation options, and credit counseling to help you become debt-free faster.
Get Financial Advice