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Debt payoff planner

List your debts and see when you’ll be debt-free, which to pay first, and how much an extra monthly payment saves.

Your debts
Strategy

Debt-free in

2 y 3 m

Total profit/interest: 7,241.80

Your plan saves 4,759.13 and 12 months.

Payoff order

  1. Credit card: month 15
  2. Personal loan: month 27
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How to use it

  1. Add each debt with its balance, yearly rate and monthly minimum.
  2. Enter any extra amount you can pay each month.
  3. Choose a strategy and see your debt-free date, total profit or interest, and the payoff order.

Example

A credit card (12,000 at 28%) and a personal loan (40,000 at 9%):

Plan Debt-free in Total interest
Minimums only 39 months about 12,000
+ 500 a month, highest rate first 27 months about 7,240

The extra 500 a month saves about 4,760 and a year of payments. Compare loan offers with flat rate vs APR.

Debt payoff planner: common questions

Which debt should I pay first?

Paying the highest rate first (avalanche) saves the most money. Paying the smallest balance first (snowball) gives quick wins that help some people stay motivated.

Why does paying the minimum take so long?

Most of a minimum payment can go on profit or interest, especially on credit cards, so the balance falls slowly.

What if the minimum is less than the monthly interest?

Then the debt never gets paid off. The planner warns you, so you can raise the payment.

Embed this tool on your website

Paste this code into your website or blog. The tool works inside the frame, and the link under it credits Adatna.