Financial calculator
Debt Payoff Planner
Compare two common payoff approaches using your balances, rates, and monthly payment budget.
Your debts & monthly budget
In addition to minimum payments. Paid-off minimums roll into the next debt.
Your estimated comparison
Estimate, not a guarantee2 years, 1 month
Estimated time to debt-free
Total interest
$2,280.36
Debt-free around
Nov 2028
Total estimated amount paid: $15,980.36
2 years, 1 month
Estimated time to debt-free
Total interest
$2,280.36
Debt-free around
Nov 2028
Total estimated amount paid: $15,980.36
Interest is approximated monthly using APR ÷ 12. Your total monthly budget stays constant, and freed minimum payments roll to the next debt.
Fees, promotional rates, and lender-specific daily interest rules are not included.
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Mathematical Comparison Difference
Both strategies yield identical interest cost
Both methods take 25 months to clear all debt.
Debt Payoff Timeline Details
| Debt Name | Starting Balance | APR | Payoff Time | Total Interest | Total Paid |
|---|---|---|---|---|---|
| Credit Card A | $4,500 | 22.9% | 1 year, 4 months | $876.10 | $5,376.10 |
| Personal Loan | $8,000 | 11.5% | 2 years, 1 month | $1,331.22 | $9,331.22 |
| Store Credit Card | $1,200 | 26.9% | 5 months | $73.04 | $1,273.04 |
MoneyPath provides educational calculators and general information only. Results are hypothetical estimates based on the math models and assumptions you enter and may not reflect fees, taxes, lender interest calculation methods, market performance, or your individual financial circumstances.
MoneyPath is NOT a bank, mortgage broker, investment adviser, or financial adviser. Nothing on this website constitutes personalized financial, investment, tax, or legal advice. Before making significant financial decisions, consider consulting a qualified, independent financial professional.
Calculations convert APR to an estimated monthly periodic rate applied to the outstanding balance. The entered total monthly budget is held constant: minimum payments are covered first, and any remaining budget—including minimums freed as debts are cleared—is directed by the selected strategy.
Read full calculation methodology & assumptions →