Debt Payoff Calculator
Break Free From Debt Chains
"The borrower is slave to the lender." - Proverbs 22:7. Take control with proven debt elimination strategies.
Debt Avalanche
Target highest interest rates first - saves the most money mathematically
Debt Snowball
Target smallest balances first - builds psychological momentum
Debt Payoff Calculator
Compare debt avalanche vs snowball strategies and see how extra payments accelerate your freedom
Calculator Inputs
Debt Elimination Strategy
Choose your approach and set your extra payment amount
Targets highest interest rates first - saves more money
Any amount helps! Even $50 can save thousands in interest
Your Debts
Debts are ordered by your chosen strategy. Extra payments go to debt #1 first.
Your Debt-Free Future
What could you do with an extra $0 per year? Vacation? Investment? Dream purchase? Your debt-free life is closer than you think!
Strategy Benefits
Mathematically optimal - saves the most money by targeting high interest rates first
Psychological boost - builds momentum with quick wins by eliminating small debts first
Results
Insights & Recommendations
High-Interest Debt Alert
You have 1 debt(s) above 15% interest. These should be your top priority for extra payments.
Excellent Payment Strategy
Your $200 extra payment will save you approximately 120 months and thousands in interest!
Smart Mathematical Choice
Debt avalanche minimizes total interest paid. Stay disciplined - the math is on your side!
AI Financial Q&A Assistant
What You'll Master
Debt Strategy Skills:
- • Compare avalanche vs snowball methods
- • Calculate total interest costs
- • Understand the power of extra payments
- • Plan realistic payoff timelines
Financial Freedom Planning:
- • Prioritize multiple debts effectively
- • Find money for extra debt payments
- • Avoid common debt payoff mistakes
- • Build motivation for long-term success
Eye-Opening Debt Statistics
$6,194
Average American credit card debt
18.99%
Average credit card interest rate
14.5 years
Time to pay off $6,194 with minimum payments
The average person pays $11,931 in interest on that $6,194 debt! Don't be average.
Debt Freedom Success Stories
Jessica's $47,000 Triumph
"I had $47,000 in student loans and credit cards. Using the avalanche method and a side hustle, I became debt-free in 3 years instead of 15!"
Mark's Snowball Victory
"The snowball method gave me momentum I needed. Paying off small debts first kept me motivated through the 2-year journey to eliminate $32,000."
Your Debt Freedom Action Plan
Week 1: List Everything
Gather all statements. List every debt with balance, minimum payment, and interest rate.
Week 2: Choose Strategy
Pick avalanche (save money) or snowball (build momentum). Use this calculator to compare both.
Week 3: Find Extra Money
Review budget, sell items, consider side income. Every extra $100/month cuts years off payoff.
Week 4: Start Attacking
Make first extra payment. Set up automatic payments. Track progress monthly. Celebrate wins!