Loan Payoff Calculator
See how long it will take to pay off your debt and plan your financial freedom
Debt Payoff Calculator
Debt Payoff Strategies
- Debt Snowball: Pay minimums on all debts, extra on smallest balance
- Debt Avalanche: Pay minimums on all debts, extra on highest interest rate
- Debt Consolidation: Combine multiple debts into one lower-rate loan
- Extra Payments: Any additional payment goes directly to principal
Tips to Pay Off Debt Faster
- Make bi-weekly payments instead of monthly
- Apply windfalls (tax refunds, bonuses) to principal
- Cut expenses and put savings toward debt
- Consider a side hustle for extra income
- Negotiate with creditors for lower rates
Why Pay Off Debt Early?
- Save Interest: Reduce total cost significantly
- Improve Credit: Lower debt-to-income ratio
- Reduce Stress: Financial peace of mind
- Free Up Cash: More money for goals and savings
⚠️ Important Note
Always maintain a small emergency fund (even $500-1000) before aggressively paying down debt.