Debt payoff calculator
Not every debt is the same. See what yours cost, and how fast you could clear them.
Your debts
Not sure where you stand? Read See where you stand.
Result
Three ways to pay
| Plan | Time | Interest | Total paid |
|---|
Avalanche plan: any extra money goes to the debt with the highest rate first. Snowball plan: extra money goes to the smallest debt first. Smallest payments only: no extra, you pay just the minimum on each debt.
When each debt is cleared
| Debt and its cost | Avalanche highest rate first | Snowball smallest debt first |
|---|
Time from today until that debt is fully paid. The cost of a debt is a rough guide by yearly rate: cheap is under 5%, moderate is 5% to 10%, expensive is above 10%. These are not official limits.
All your debts together: how much is still owed
- Paying only the smallest payments
- Avalanche plan (highest rate first)
View as a table
| Year | Owed, smallest payments only | Owed, avalanche plan |
|---|
Does a debt have to stop you from investing?
Not always. An expensive debt costs you money for certain every month, while money from investing is never certain, so clearing expensive debt first is often the safer choice. A cheap debt is different: many people keep paying it and start investing as well.
It also matters how heavy the payments feel in your budget, and whether you have a small cushion of savings for surprises. This page can show you the numbers, but the decision is yours and depends on your situation.
Interest is added every month, then your payments are made. A high rate costs you money for sure; money you might earn from investing is never certain. Fees, changing rates and early repayment charges are not included.