Understanding the debt payoff calculator
Paying off debt with a fixed monthly amount is the most reliable escape route, because the payment stays constant while the interest charge falls, sending an ever-larger share against the principal. This calculator shows exactly how many months a given payment takes and what it costs in interest along the way.
When juggling several debts, two popular strategies build on this: the avalanche method targets the highest interest rate first to minimize total interest, while the snowball method clears the smallest balance first for quick psychological wins. Either beats paying only minimums and running your own numbers here, then adding even a small amount to the payment, usually reveals dramatic savings.
Results are estimates for education only and are not financial advice.