Debt Payoff
Calculator for Women
Calculate your path to becoming debt-free. This free calculator shows your payoff timeline, total interest, and debt-free date based on your payment plan.
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How This Debt Payoff Works
Enter your total debt, average interest rate, and planned monthly payment. The calculator simulates month-by-month payoff including compound interest to show your debt-free date and total interest cost. For multiple debts, use your weighted average interest rate.
When Should You Use This Tool
Use this calculator when creating a debt elimination plan, comparing different payment strategies, or determining if you can afford additional purchases. Revisit when your financial situation changes or after paying off individual debts.
Is This Tool Accurate and Safe
This calculator assumes consistent monthly payments and fixed interest rates. Real-world variables like minimum payment changes, promotional rates ending, or variable APRs affect actual payoff. Use results as planning guidance. All data stays private in your browser.
Frequently Asked Questions
What is the avalanche method for debt payoff?
The avalanche method pays minimum on all debts while putting extra money toward the highest interest rate debt first. This minimizes total interest paid but may take longer to see individual debts eliminated.
What is the snowball method for debt payoff?
The snowball method pays minimum on all debts while putting extra toward the smallest balance first. This provides psychological wins as debts disappear faster, though you may pay more total interest.
How much should I pay toward debt monthly?
Financial experts recommend allocating at least 20% of income toward debt and savings combined. For aggressive payoff, maximize payments while maintaining a small emergency fund to avoid new debt.
Should I save or pay debt first?
Build a small emergency fund first (around $1,000-2,000), then focus on high-interest debt. Once high-interest debt is gone, balance saving and paying lower-interest debt based on your goals.