Debt Repayment
See how you can pay off your debts earlier with less interest.
|
Current Debt Description |
Balance Owing |
Interest Rate |
Monthly Payment |
|
Debt #1
|
4,400
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The minimum monthly payment for is $. |
13.00%
|
50
|
|
Debt #2
|
3,200
|
9.81%
|
30
|
|
Debt #3
|
5,000
|
12.00%
|
55
|
|
Debt #4
|
9,000
|
13.50%
|
110
|
|
Debt #5
|
4,900
|
4.00%
|
25
|
|
Debt #6
|
10,000
|
2.50%
|
250
|
|
Debt #7
|
10,000
|
2.50%
|
250
|
|
Debt #8
|
10,000
|
2.50%
|
250
|
|
Totals
|
10,000
|
250
|
|
|
Additional monthly payment
|
230
|
||
|
Total monthly payment
|
500
|
||
|
|
Display what strategy
The debt snowball method involves making minimum payments on all debt, then paying off the smallest debts before moving on to bigger ones. The debt avalanche method involves making minimum payments on all debt and using any extra funds to pay off the debt with the highest interest rate. Once a debt is paid in either method, you take the money you were putting toward that payment and roll it onto the next-smallest or highest-interest debt owed. No strategy involves making minimum monthly payments only. |
| Results | No Strategy | Snowball | Difference | |
| Monthly payment |
250.00
|
250.00
|
202.76
|
|
| Total interest |
11708.68
|
1669.54
|
2165.85
|
|
| Months to pay off |
7.2
|
3.9
|
5.0
|
|
| Debt free on |
|
|
|
Tables
No Strategy
Snowball
Avalanche
Disclaimer
