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
Payoff Strategy
Extra Monthly Payment
Any amount helps! Even $50 extra can save thousands in interest.
Total Debt
$45,000
Payoff Time
0 months
Interest Paid
$0
Monthly Payment
$975
Your Debts
Strategy Comparison
Payoff Projection
Debt Balance Over Time
Your Debt-Free Future
Debt Payoff Tips
- • Stop creating new debt: Cut up credit cards if needed
- • Find extra money: Sell unused items, pick up side work
- • Use windfalls wisely: Tax refunds and bonuses go to debt
- • Celebrate milestones: Each paid-off debt is a victory!
- • Stay motivated: Track progress visually with charts
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!