Worked Example: Two loans: $3k at 18% and $5k at 12%
Inputs
- Extra Monthly Payment$200
- StrategyAvalanche (highest APR first)
Results
- Debt-free soonerMonths earlier vs minimum-only
- Interest savedOften $1,000+ on mixed-rate debt
Direct extra payments to the highest-interest debt while paying minimums on the rest for the lowest total cost.
How Debt Payoff Calculator Works
Enter debt balance, interest rate, minimum payment, and optional extra payment to compare payoff timelines.
Frequently Asked Questions
Should I pay extra on debt?
Extra payments reduce principal faster, saving significant interest over the life of the loan.
Disclaimer
- This calculator gives you an estimate only. It is not a promise of exact results.
- This is general information, not personal financial, tax, or legal advice.
- You are responsible for your own decisions. Talk to a qualified professional when it matters.
- Banks and lenders may add fees, insurance, or a different interest method. Your real EMI can differ.
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