Multiple Debt Payoff Comparison
Compare highest-interest-first and smallest-balance-first payoff schedules within an entered monthly budget.
YOUR CALCULATION
Result
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Calculation steps
Work through one step at a time or reveal the complete calculation. The steps use your current inputs.
How to calculate
Accrue monthly interest, pay entered fixed minimums capped at each amount due, then apply unused budget by descending rate or ascending remaining balance.
Monthly interest=opening balance×annual nominal rate/12; extra budget follows selected ordering
Worked example
At zero interest, debts of 100 and 200, minimums 10 each and budget 100 repay both debts in three months under either order.
Assumptions and input details
Up to 12 debts, fixed entered minimums and budget, no new charges, late fees, variable rates or percentage minimum rules. Budget must cover the sum of entered minimums. Extra money and freed minimums stay within the same constant total budget. Ties use input order. Simulation stops after 1200 months and reports unpaid debt rather than inventing a payoff date. This is a scenario comparison. No live market data or national tax rules are inferred. Enter consistent amounts in one currency unless explicitly stated otherwise.
References: CFPB: two debt reduction methods
Using this calculator
Can I enter my own problem?
Yes. Replace the example values with your own inputs. The result, calculation steps, tables and applicable diagrams update from those inputs. Blank or invalid values clear the result; example values are never silently substituted for missing inputs.
Are the results exact?
Results use floating-point arithmetic and displayed rounding. Read the formula, assumptions and any stated data precision before interpreting the result.
Is my input uploaded?
The calculation runs in your browser. No account, file upload or external AI service is required. Inputs are not saved between page reloads.
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