Debt payoff calculator

Cómo usar la Debt payoff calculator

Qué calcula y cuándo usarla

Compares the snowball y avalanche methods across several debts, showing your debt-free Fecha, Intereses Pagadas y the order en which debts are cleared.

Cómo usarla, paso a paso

1. List Cada uno debt with its Saldo, Intereses Tipo y Mínimo payment.
2. Enter the extra money you can pay each mon.ª.
3. Choose avalanche (highest Tipo first) o snowball (smallest Saldo first).
4. Compare the Resultados.

Qué significa cada dato

• Saldo, Tipo %, Mínimo – For Cada uno debt.
• Extra – Added a the minimums y aimed A the Objetivo debt.
• Método – Decides which debt receives the extra money.

Cómo leer los resultados

• Debt-free pulg. – Months hasta all balances are zero.
• Intereses – Intereses totales por each method and por minimum payments only.
• Orden – When Cada uno debt es cleared.

La fórmula

Each month interest = balance × rate ÷ 12 es added, minimums are Pagadas, y the remaining budget goes a the target debt. When a debt es cleared its minimum rolls into the next one.

Un ejemplo práctico

A credit card de 4,500 at 22.9%, a car loan de 9,000 at 7.5% y a store card de 1,200 at 29.9%, with 200 extra a month. You are debt-free en 2 years 4 meses y pay 2,115 interest, compared with 3 years 11 meses y 4,712 at the minimums, a saving de 2,596.

Supuestos y límites

• Rates are fixed y no new debt es added.
• Minimums do not Variación as balances fall.

Errores comunes

• Not rolling a cleared debt’s payment into the next one.
• Paying only minimums on high-rate cards.

Preguntas frecuentes

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