Debt Payoff Calculator - Estimate Payoff Time & Interest for Multiple Debts
Debt Payoff Calculator
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Repayment Calculation Results
How to Use the Debt Avalanche Method with Extra Payments to Pay Off Debt?
Debt avalanche example
Let’s say you have the following debts:
- Auto Loan balance: $35,000 at 5.9% interest, with a $500 minimum payment.
- Home mortgage balance: $25,0000 at 4.5% interest, with a $2000 minimum payment.
- Boat Loan balance: $7,000 at 5.9% interest, with a $150 minimum payment.
- Credit card balance: $8,500 at 20.9% interest, with a $80 minimum payment.
Your debt portfolio will be fully repaid within 153 months (12 years and 9 months) with the fixed monthly/min., with total payments amounting to $416584.96, including $116084.96 in interest charges.
| Debt | Payoff Duration | Total Interest Paid ($) | Total Amount Paid ($) | Payment schedule |
|---|---|---|---|---|
| #1: Auto Loan | 113 months (9 years and 5 months) | 22457.05 | 30957.05 | Pay 80.00 until month 53.Then Pay 208.59 until month 54.Then Pay 230.00 until month 86.Then Pay 724.76 until month 87.Then Pay 730.00 until month 112.Then Pay 173.71 at month 113 to payoff. |
| #2: Credit card | 87 months (7 years and 3 months) | 8005.24 | 43005.24 | Pay 500.00 until month 86.Then Pay 5.24 at month 87 to payoff. |
| #3: Boat Loan | 54 months (4 years and 6 months) | 971.41 | 7971.41 | Pay 150.00 until month 53.Then Pay 21.41 at month 54 to payoff. |
| #4: Home mortgage | 153 months (12 years and 9 months) | 84651.25 | 334651.25 | Pay 2000.00 until month 112.Then Pay 2556.29 until month 113.Then Pay 2730.00 until month 152.Then Pay 1624.96 at month 153 to payoff. |
If Extra Payments: $300 per month
Your debt portfolio will be fully repaid within 127 months (10 years and 7 months) with the fixed monthly/min. and extra payments, with total payments amounting to $381857.42, including $81357.42 in interest charges.
| Debt | Payoff Duration | Total Interest Paid ($) | Total Amount Paid ($) | Payment schedule |
|---|---|---|---|---|
| #1: Auto Loan | 29 months (2 years and 5 months) | 2364.06 | 10864.06 | Pay 380.00 until month 28.Then Pay 224.06 at month 29 to payoff. |
| #2: Credit card | 59 months (4 years and 11 months) | 6231.29 | 41231.29 | Pay 500.00 until month 28.Then Pay 655.94 until month 29.Then Pay 880.00 until month 53.Then Pay 1008.59 until month 54.Then Pay 1030.00 until month 58.Then Pay 326.77 at month 59 to payoff. |
| #3: Boat Loan | 54 months (4 years and 6 months) | 971.41 | 7971.41 | Pay 150.00 until month 53.Then Pay 21.41 at month 54 to payoff. |
| #4: Home mortgage | 127 months (10 years and 7 months) | 71790.65 | 321790.65 | Pay 2000.00 until month 58.Then Pay 2703.23 until month 59.Then Pay 3030.00 until month 126.Then Pay 77.42 at month 127 to payoff. |
References
Government Resources:
- Consumer.gov - Paying Off Debt - Official U.S. government guidance on debt management strategies
- Consumer Financial Protection Bureau (CFPB) - Credit Card Debt Strategies - Federal guidance on debt repayment methods
- FDIC Money Smart - Credit and Debt - Federal Deposit Insurance Corporation educational materials
- USA.gov - Dealing with Debt - Official U.S. government portal for debt management information
Educational Institutions:
- University of Missouri Extension - Debt Management Strategies
- Penn State Extension - Avalanche vs Snowball Approach
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