How soon can I eliminate my debts?

This calculator helps you evaluate various strategies for paying off your debt. When one debt is paid off, the payment amount normally applied to that debt is made available for use against another debt. This is referred to as the rollover strategy. Add an additional monthly payment for debt reduction to accelerate the payoff.

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Calculator Results

Using your current payoff strategy, you will pay $686.66 in interest and be debt-free in 17 months. Using the rollover payoff strategy, you will pay $515.45 in interest and be debt-free in 13 months. You will save $171.21 and payoff your debts 4 months sooner by following the rollover strategy.

For the least expensive debt payoff strategy, choose "Highest rate first" and "Use minimum amount due".

Financial Details - Payoff Strategy Comparison Summary
Debt information

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Current strategy

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Rollover strategy
CreditorBalanceInterest Rate

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PaymentMonths to payoff

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PaymentMonths to payoff
VISA$6,000.0015.000 %

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$400.0017$525.00 begins month 113

Calculator tips

This calculator will only compute up to 999 payments.

"Exact days" compounding is used to calculate credit card payments. This is an approximation of the "average daily balance" compounding method that most credit card companies use.

"Monthly" compounding is used to calculate all other debt type payments (car, student, other).

The total of the amount you pay plus any additional monthly payment for debt reduction is used to calculate a budget. This budget is applied to the rollover strategy to speed up payoff. The additional monthly payment for debt reduction is only used in the rollover strategy and is allocated to the highest priority debt. "Use minimum amount" allocates a minimum payment to all but the highest priority debt. This increases the effectiveness of the rollover strategy.

Calculator disclaimer

The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.

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