📋 Your Debts
| Debt Name | Balance ($/€) | Min. Monthly Payment | Interest Rate (%) |
|---|
💰 Extra Payments & Strategy
"Fixed Total" means after a debt is paid off, its payment rolls to the next debt (avalanche/snowball effect).
📘 Debt Avalanche vs. Snowball – Which is Best?
Debt Avalanche (used here): Pay minimums on all debts, then put all extra money toward the debt with the highest interest rate. Saves the most money in interest.
Debt Snowball: Pay smallest balance first for psychological wins. Our calculator uses avalanche for maximum savings.
💰 How to Use This Calculator
1. Enter each debt: name, balance, minimum monthly payment, and interest rate.
2. Add extra monthly, yearly, or one-time payments.
3. Choose "Fixed Total Payment" – Yes rolls payments forward (faster payoff).
4. Click Calculate to see your debt-free date, total interest, and month-by-month plan.
💡 Even small extra payments can save thousands and cut years off your debt.
🇪🇺🇺🇸 For US & Europe
This calculator works for credit cards, student loans, auto loans, mortgages, and personal loans in any currency. Interest rates are applied monthly. Always check for prepayment penalties.
⚠️ Alternative Options
If struggling with debt: consider debt consolidation, credit counseling, or income-driven repayment plans. Bankruptcy is a last resort — consult a professional.