Debt Payoff Calculator - Accelerate Your Freedom
Plan your debt repayment strategy and see how much faster you can become debt-free. Visualize interest savings and shorten your payoff time with extra payments.
Plan Your Debt Payoff
See how even a small extra payment can help!
Your Payoff Projections
Enter debt details to see your payoff plan
Effective Debt Payoff Strategies
Accelerate Your Payoff
Debt Avalanche: Pay off debts with the highest interest rates first. This method saves you the most money on interest over time.
Debt Snowball: Pay off your smallest debts first. This method provides psychological wins and keeps you motivated as you clear debts quickly.
Round Up Payments: Even rounding your monthly payment up by a small amount can make a big difference over the long term.
Windfalls: Use bonuses, tax refunds, or unexpected income to make extra principal payments.
Long-Term Financial Health
Create a Budget: Understand where your money is going and identify areas to cut expenses to free up more for debt repayment.
Build an Emergency Fund: Having savings prevents you from relying on credit cards for unexpected expenses, breaking the debt cycle.
Increase Income: Look for opportunities to earn more, whether through a side hustle, overtime, or negotiating a raise.
Avoid New Debt: While paying off existing debt, try to avoid taking on new debt, especially high-interest consumer debt.