Debt Payoff Planner
Compare debt payoff strategies and plan your freedom
010,00,000
Additional amount beyond minimum payments
Your Debts
Debt Summary
Total Debt:₹0
Min Payments:₹0/mo
Extra Payment:₹5,000/mo
Total Payment:₹5,000/mo
Payoff Comparison
Without Extra Payment
0y 0m
Total: ₹0
Interest: ₹0
With Extra Payment
0y 0m
Total: ₹0
Interest: ₹0
Your Savings
Time Saved:0 years 0 months
Interest Saved:₹0
Strategy:Debt Snowball
Recommended Payoff Order (Smallest Balance First)
Debt-to-Income Ratio
Credit Card 1₹50,000
Infinity% of total debt
Personal Loan₹150,000
Infinity% of total debt
Credit Card 2₹25,000
Infinity% of total debt
Car Loan₹300,000
Infinity% of total debt
Debt Payoff Tips
- • Stop adding new debt immediately
- • Build a small emergency fund first (₹10-25K)
- • Consider debt consolidation for better rates
- • Track progress monthly to stay motivated
- • Redirect paid-off debt payments to next target
- • Celebrate milestones to maintain momentum
Snowball vs Avalanche Comparison
Debt Snowball Method
Strategy: Pay minimum on all debts, put extra money toward smallest balance
Pros:
- Quick psychological wins
- Easier to stay motivated
- Reduces number of payments
- Builds momentum
Cons:
- May pay more interest overall
- Takes longer mathematically
Debt Avalanche Method
Strategy: Pay minimum on all debts, put extra money toward highest interest rate
Pros:
- Saves most money on interest
- Mathematically optimal
- Faster payoff time
- More efficient
Cons:
- Slower initial progress
- Requires more discipline
Monthly Payment Impact
| Extra Payment | Payoff Time | Total Interest | Interest Saved | Time Saved |
|---|---|---|---|---|
| ₹0 | 2y 1m | ₹67,778 | ₹0 | 0y 0m |
| ₹2,500 | 1y 11m | ₹58,946 | ₹8,832 | 0y 2m |
| ₹5,000 | 1y 9m | ₹53,221 | ₹14,557 | 0y 4m |
| ₹7,500 | 1y 7m | ₹48,305 | ₹19,473 | 0y 6m |
| ₹10,000 | 1y 6m | ₹45,771 | ₹22,007 | 0y 7m |
| ₹15,000 | 1y 4m | ₹39,907 | ₹27,871 | 0y 9m |
| ₹20,000 | 1y 2m | ₹35,091 | ₹32,687 | 0y 11m |