DebtMasher - Crush Your Debt Faster with Free Payoff Calculators

Your Path to Debt Freedom

Enter your debts below to see how quickly you could be debt-free using proven payoff strategies.

Simple Debt Calculator

Easily input your debts and see your complete payoff timeline.

Visual Insights

Track your progress with interactive charts and clear visualizations.

Proven Strategies

Compare snowball and avalanche methods to find your fastest path to freedom.

Save on Interest

See exactly how much interest you'll save with strategic payoff plans.

Debt Payoff Calculator

Eliminate your debt faster using proven payoff strategies. See your full repayment timeline and compare approaches.

Your Debts

Debt Name Balance Interest % Min Payment

Extra Monthly Payment

$ Amount above minimum payments

Payment Strategy

Both strategies will be shown on the chart. Select your preferred approach:

Snowball Method Pay smallest balances first (best motivation)

Avalanche Method Pay highest interest first (saves most money)

Your selected strategy will be used for the detailed payment plan.

Enter your debts and click "Calculate" to see your personalized debt freedom plan.

Your Debt Freedom Plan

Debt Free Date

August 2033

In 100 months

Interest Saved

vs minimum payments

Total Repayment

$27,054

$20,000 principal + $7,054 interest

Your Debt Payoff Journey

Snowball Method

Avalanche Method

Minimum Payments

Strategy Comparison

Snowball

Avalanche

Difference

Time to debt-free

100 months

Both methods take the same amount of time.

Total interest paid

$7,054

Both methods cost about the same in interest.

Note: Avalanche typically saves more money, while Snowball provides psychological wins by paying off small debts first.

Debt Payoff Order

Accelerate Your Debt Payoff

Here are some ways to pay off your debt even faster:

Increase Income

Side gigs, overtime, raises

Add extra income to your debt payments

Reduce Expenses

Cut unnecessary spending

Redirect savings to debt payments

Refinance

Lower interest rates

More of your payment goes to principal

You might save more with refinancing!

You have $5,000 in high-interest debt (over 10%). Refinancing to around 14.0% could save you approximately $250 per year in interest.

Debt Payoff FAQ

What's the difference between the Snowball and Avalanche methods?

The Snowball method involves paying off debts from smallest to largest balance regardless of interest rate. It provides psychological wins as you eliminate individual debts more quickly. The Avalanche method involves paying off debts from highest to lowest interest rate, which saves more money overall but may take longer to eliminate individual debts.

How much extra should I pay each month?

Any amount helps! Even an extra $50-100 per month can significantly reduce your debt payoff timeline. The general rule is to pay as much extra as you comfortably can without compromising essential expenses or emergency savings. Every extra dollar saves you interest in the long run.

Should I consider debt consolidation?

Debt consolidation may be beneficial if you can secure a lower interest rate than your current debts. It simplifies your payments into one monthly bill, but be careful of fees and avoid running up new debt on the paid-off accounts. Compare the total cost including fees before deciding to consolidate.

How do I stay motivated while paying off debt?

Track your progress visually with charts or graphs. Celebrate small wins along the way. Find an accountability partner or join a debt payoff community. Focus on the freedom you'll gain rather than what you're giving up. Consider using the Snowball method if you need the psychological boost of eliminating individual debts faster.

Mortgage Payment Calculator

Understand your complete housing costs and see how different loan options affect your monthly payments.

Loan Details

Property Price

Down Payment

Loan Term

Interest Rate

Credit Score

Additional Costs

Annual Property Tax

Annual Home Insurance

Private Mortgage Insurance (PMI)

% Only applies if down payment < 20%

Monthly HOA Fees

Annual Maintenance

Enter your mortgage details and click "Calculate" to see your complete monthly payment breakdown.

Your Mortgage Payment Summary

Monthly Payment

$2,158

Total monthly cost

Mortgage Payment

$1,477

Principal & interest only

Loan Amount

$240,000

30-year fixed at 6.25%

Monthly Payment Breakdown

Payment Breakdown

Affordability Analysis

Mortgage Payment

0% 28% 36% 50%

Based on a household income of $100,000, your mortgage payment would be 28.1% of your monthly income.

Household Annual Income:

You might qualify for a better rate!

Based on your excellent credit score and 20% down payment, you could get a lower rate than the national average.

Student Loan Repayment Calculator

Navigate your student loan options and find the best repayment strategy for your financial situation.

Your Student Loans

Loan Type

Federal Loans Access to income-driven plans and forgiveness options

Private Loans May offer lower rates but fewer repayment options

Mixed (Both Types) Optimize repayment across all your loans

Loan Name Balance Interest % Min Payment

Federal Repayment Options

Standard (10 years) Fixed monthly payments to pay off loans in 10 years Extended (25 years) Lower monthly payments over a longer time Graduated Payments start low and increase over time Income-Based (IBR) Payments based on your discretionary income Pay As You Earn (PAYE) 10% of discretionary income with forgiveness after 20 years

Annual Income

Family Size

State of Residence

Public Service Loan Forgiveness (PSLF)

I work for a qualifying employer (government or non-profit)

Extra Monthly Payment

$ Amount above minimum payments

Enter your student loan details and click "Calculate" to see your personalized repayment plan.

Your Student Loan Repayment Plan

Loan-Free Date

October 2033

In 10 years

Interest Saved

$5,340

vs minimum payments

Total Repayment

$45,240

$35K principal + $10.2K interest

Potential Loan Forgiveness

$32,500

Eligible in August 2033

Based on your selected repayment plan and career path

Your Loan Repayment Journey

Standard Repayment

Income-Based Plan

Refinancing Option

Monthly Payment Comparison

Standard

Income-Based

Refinancing

Initial Monthly Payment

$320

$220

$295

Final Monthly Payment

$320

$380

$295

Total Interest

$8,280

$15,430

$7,560

Loan Forgiveness

$18,420

Detailed Payment Schedule

Year 1

Jan $320 $220 $100

Tax Benefits

Based on your income and student loan interest, you may qualify for up to $2,500 in tax deductions annually, potentially saving you $550 per year.

Note: Tax benefits phase out at higher income levels. Consult with a tax professional for personalized advice.

You might save with refinancing!

Based on your loan profile and strong credit history, you could potentially save $928 by refinancing your student loans to a lower rate.

Note: Refinancing federal loans into private loans will forfeit access to income-driven repayment plans and forgiveness options.

Student Loan Repayment FAQ

What's the difference between federal and private student loans?

Federal student loans are issued by the government and typically offer income-driven repayment plans, loan forgiveness options, and hardship deferments. Private loans are issued by banks or financial institutions and may offer lower interest rates but fewer repayment options and protections.

Should I refinance my federal student loans?

Refinancing federal loans into private loans may lower your interest rate but forfeits access to income-driven repayment plans and loan forgiveness programs. Consider refinancing only if you have a stable income, good credit score, and don't anticipate needing federal loan benefits.

How does Public Service Loan Forgiveness (PSLF) work?

PSLF forgives the remaining balance on your federal Direct Loans after you make 120 qualifying monthly payments while working full-time for a qualifying employer (government or non-profit organization). You must be on an income-driven repayment plan to maximize forgiveness benefits.

How can I pay off my student loans faster?

Make extra payments whenever possible, targeting the highest-interest loans first. Consider biweekly payments, income windfalls, and setting up automatic payments (which may also provide an interest rate discount). Refinancing to a lower rate or shorter term can also accelerate payoff.

Car Loan Calculator

Find the best auto loan strategy for your budget and see how different options affect your total cost.

Vehicle & Loan Details

Vehicle Price

Down Payment

Trade-In Value

Sales Tax Rate

May be charged on purchase price minus trade-in value (varies by state)

Loan Term

Interest Rate

Credit Score

Additional Costs

Dealer & Documentation Fees

Registration & Title Fees

Extended Warranty (Optional)

Extra Monthly Payment

$ Additional amount to pay each month

Enter your vehicle and loan details and click "Calculate" to see your complete auto loan analysis.

Your Auto Loan Summary

Monthly Payment

$519

Base monthly payment

Total Loan Amount

$26,900

60 months at 5.9%

Total Cost

$37,128

Vehicle + Fees + Interest

Loan Details Breakdown

Vehicle Price: $30,000

Down Payment: $6,000

Trade-In Value: $0

Sales Tax: $1,800

Fees & Registration: $1,100

Extended Warranty: $0

Amount Financed: $26,900

Interest Paid: $4,228

Total Cost of Ownership: $37,128

Loan Balance Over Time

Standard Payments

Accelerated Payments

Vehicle Value

Vehicle Equity Analysis

Your loan balance will exceed your vehicle's value for approximately 0 months. This period of negative equity (being "underwater") could impact your ability to sell or trade in your vehicle during this time.

Purchase

Break-Even (0 mo)

Loan End (60 mo)

Loan Term Comparison

36 Months

48 Months

60 Months

72 Months

Monthly Payment

$817

$631

$519

$445

Total Interest

$2,517

$3,365

$4,228

$5,107

Negative Equity Period

0 months

Early Payoff Analysis

See how adding extra to your monthly payment affects your loan:

+$50/mo

Save $437

Pay off 6 months earlier

+$100/mo

Save $790

Pay off 10 months earlier

+$200/mo

Save $1,327

Pay off 18 months earlier

You Could Save By Refinancing!

Based on current rates, you may qualify for a 4.65% rate, which could save you up to $1,420 over the life of your loan.

Auto Loan FAQ

How does my credit score affect my auto loan rate?

Your credit score significantly impacts the interest rate you qualify for. Higher scores (above 720) typically secure rates 3-5% lower than poor credit scores (below 630). Even a 1% difference can save thousands over the life of your loan.

What is negative equity in a car loan?

Negative equity occurs when you owe more on your loan than the vehicle is worth. This happens because vehicles depreciate quickly (20-30% in the first year). Larger down payments, shorter loan terms, and quality vehicles with good resale value help minimize negative equity.

Should I accept dealer financing or get a pre-approved loan?

Getting pre-approved from your bank or credit union gives you negotiating power and a clear budget before shopping. However, dealers occasionally offer promotional rates (sometimes 0%) that can beat traditional lenders. Compare all options before deciding.

Is it worth paying off my car loan early?

Early payoff usually saves on interest costs and helps build equity faster. However, check if your loan has prepayment penalties. If your loan interest rate is low (below 3-4%), you might earn better returns by investing extra money elsewhere rather than paying off the loan early.

Ways to Accelerate Your Debt Freedom

Consider Debt Consolidation

Simplify your payments and potentially lower your interest rate.

Explore Top Options

Balance Transfer Cards

0% APR periods can help you make faster progress on high-interest debt.

View Best Offers

Credit Monitoring

Track your progress and protect your credit score.

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