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Escape the cycle of interest. Discover exactly how fast you can become debt-free by increasing your monthly payments against student loans and auto loans. This free online tool allows you to calculate debt payoffs quickly and accurately. No sign-up or installation required.
Debt is an emergency. The moment you take out a high-interest consumer loan, you are essentially guaranteeing that a portion of your future paycheck is already spent before you even earn it.
Many consumers fall into the trap of only paying the "Minimum Due" on their statements. This is exactly what the bank wants you to do. By only paying the minimum, the majority of your money goes straight into the bank's pockets as interest, while the actual principal balance barely shrinks. To escape debt, you must launch an aggressive, calculated attack by paying extra every single month.
When you have multiple different debts (e.g., a car loan, a student loan, and a personal loan), trying to pay extra on all of them at the same time is highly inefficient. Financial experts recommend focusing all your extra cash into a single laser beam to destroy one debt at a time. There are two famous strategies for this:
The Psychological Method: You list your debts from the smallest total balance to the largest. Ignore the interest rates entirely. You attack the smallest debt first. Once it's paid off, you take that payment and roll it into the next smallest debt. This generates rapid psychological "wins" that keep you highly motivated.
The Mathematical Method: You list your debts from the highest interest rate down to the lowest. You aggressively attack the debt with the highest rate first, regardless of its balance. Because you are killing the most toxic interest rates first, this method is mathematically proven to save you the most money overall.
Our calculator is designed to expose the hidden cost of time. Let's say you have a $20,000 student loan at 7% interest. If you extend the payoff time by just 3 extra years to get a smaller monthly payment, the bank will quietly extract an extra $2,500 in interest from you over the life of the loan. By manually increasing your monthly payment in the calculator, you can instantly see how many years and thousands of dollars you will save.
Expert clarification on good vs bad debt, principal-only payments, and consolidation.