Debt Payoff Calculator

The calculator below is designed for evaluating paying back one or multiple debts with the options of adding extra payments.

  Debt Name Remaining Balance Monthly or Min. Payment Interest Rate
1.$$%
2.$$%
3.$$%
4.$$%
5.$$%
6.$$%
7.$$%
8.$$%

Extra Payments:
$ Per Month
$ Per Year
$ One-time Paid on the th month

Fix Payments?
 
"Yes" means, once one debt paid off, the payment will be used to payoff other debts. The monthly payments are fixed until ALL debts paid off. "No" means, once one debt paid off, the payment will be removed from future monthly payment. So, the monthly payments decreases as debts being paid off.

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Debts are the major source of stress for many families. If not well managed, debts can get out of control easily and mess up your life. Many personal financial advisors suggest to payoff all the debts except home mortgage as soon as possible. Some even suggest to payoff home mortgage. Live a debt-free life is a wonderful feeling and is achievable. The debt payoff calculator above helps evaluate the options to payoff your debts.

The following are some general advises on how to payoff debts: