Loan and Credit Card Payoff Planner
Add your loans and credit cards. See when you will be debt-free, what it costs in interest, and how much sooner you finish by paying a bit more.
Type the balance, interest rate and monthly payment from your statement for each debt. Your numbers never leave this device.
Your plan
On top of your monthly payments. Leave blank for none.
For example a tax refund or a bonus, paid once in the month you pick.
When you will be debt-free
Share and settings
Everything stays in this browser on this device. Your data is never sent anywhere, and the app works offline.
Questions
Which debt should I pay off first?
Highest interest first (also called the avalanche method) always costs the least interest. Smallest balance first (the snowball method) clears whole debts sooner, which keeps many people going. The plan shows both, so you can see what the quick wins cost.
What happens when one debt is paid off?
Its monthly payment moves to the next debt in the plan. You keep paying the same total each month, and the next debt goes down faster. This is why a plan finishes sooner than just paying each debt on its own.
Why does it say a debt is never paid off?
The payment is less than the interest added each month, so the balance never goes down. The plan shows how much you would need to pay each month to be debt-free in 1, 2, 3 or 5 years.
Why is my bank's figure a little different?
The planner adds interest once a month (the yearly rate divided by 12). Many cards work it out daily, and fees, new spending or a changing minimum payment also change the numbers. Update your balances from each new statement to stay on track.
Should I use the minimum payment?
Type what you really pay each month. If your minimum goes down as the balance drops, keep paying the same amount instead: that is what this plan assumes, and it gets you out of debt much sooner.