Debt Payoff Calculator
Enter all your debts below to generate a personalized payoff plan. Compare strategies to find what works best for you.
Your Debts
List all your current debts below.
| Debt Name | Balance | Interest Rate (%) | Min Payment | |
|---|---|---|---|---|
$ | % | $ | ||
$ | % | $ | ||
$ | % | $ |
Total Min Payment: $550Total Debt: $20,000
$
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Which Strategy Should You Choose?
Debt Snowball
Focus on paying off the smallest balance first.
- Pro: Quick wins boost motivation.
- Con: You pay more interest over time.
- Best For: People who need behavioral momentum.
Debt Avalanche
Focus on paying off the highest interest rate first.
- Pro: Mathematicall optimal (saves money).
- Con: Takes longer to close the first account.
- Best For: Maximizing efficiency.