How to Use the Debt Payoff Calculator
Step-by-step guide to visualizing your debt-free journey. Learn how to enter debts, compare strategies, and understand your payoff date.
Estimated time: 5-10 minutes
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Gather Your Statements
Collect the most recent statements for all your debts (credit cards, loans, lines of credit). You'll need the current balance, interest rate (APR), and minimum monthly payment for each.
Enter Your Debts
Add each debt into the calculator. Be precise with the interest rates, as this determines which strategy works best.
Determine Your Extra Payment
Enter how much *extra* money you can put towards debt each month. The calculator will show you exactly how much time and interest this extra amount saves you compared to paying only minimums.
Compare Strategies
Use the 'Avalanche vs Snowball' tab to see a side-by-side comparison. See which method gets you debt-free faster and saves more interest.
Visualize Your Progress
Check the 'Payoff Progress' chart to see your debt balance shrinking over time. A steeper slope means you're getting free faster!
Review the Schedule
Expand the 'Monthly Payment Schedule' to see exactly what you'll owe each month. This helps you plan your cash flow and see when specific debts will be fully paid off.