Debt Payoff Calculator

Formatting only. This does not change the calculation.
One balance per debt, comma separated.
One APR per debt, in the same order as the balances.
One minimum payment per debt, in the same order.
Must be at least the sum of the minimum payments.
Time to debt free
2 years 4 months
Debt Payoff Strategy Calculator
Months to debt free
28
Total interest paid
1,631.7
Total paid
16,331.7
Lowest total interest
avalanche
Sum of minimum payments
275
Surplus above the minimums
325
Worked out from Consumer Financial Protection Bureau, credit card minimum payment disclosures (12 CFR 1026.7(b)(12)) and 2 other sources.

How this is worked out

5 steps
  1. 3 debts totalling 14700.
  2. Minimums total 275, leaving 325 of surplus each month.
  3. The avalanche strategy directs that surplus at the highest interest rate first.
  4. Debts clear in the order: Debt 1, Debt 2, Debt 3.
  5. Debt free in 2 years 4 months having paid 1631.7 in interest.
Order debts are clearedtable
Debt 1, Debt 2, Debt 3
Interest and payoff month by debttable
nameinterestPaidpayoffMonth
Debt 152.514
Debt 2650.7415
Debt 3928.4528
Strategy comparisontable
strategymonthstotalInterestorder
avalanche281,631.7Debt 1 then Debt 2 then Debt 3
snowball281,631.7Debt 1 then Debt 2 then Debt 3
proportional292,158.58Debt 1 then Debt 2 then Debt 3

Results are general information, not financial, tax, legal, medical or engineering advice.