Pay off debt,your way.
Enter your debts and what you can pay each month. See how long each way takes and how much interest you pay.
Your debts
Your monthly budget for debts
Two ways to pay it off
Add each debt’s rate and minimum payment, and your monthly budget, to see the plans.
Interest is worked out monthly at the yearly rate divided by 12. An estimate, not financial advice.
How this calculator works
One budget, every debt
Each month every debt gets its minimum payment. Whatever is left of your budget goes to one target debt until it is paid off, then to the next one.
Avalanche: highest rate first
The money left over goes to the debt with the highest interest rate, so the most expensive debt shrinks first.
Snowball: smallest balance first
The money left over goes to the smallest balance, so whole debts are paid off sooner, one at a time.
How interest is worked out
Interest is charged monthly at the yearly rate divided by 12. If your budget doesn’t cover the minimum payments, or the debts would take more than 50 years, the calculator says so instead of showing a number.
Sources
This calculator uses no government figures: only the numbers you enter.
An estimate to help you think it through, not financial or tax advice.
Get your invitation.
These tools are coming to the habitt app, next to your budgets, your bills and an AI CFO that knows your numbers. Join the waitlist and we’ll email you when your spot opens.