Best way to pay off debt
There is no difference in the interest you will pay between the two methods.
|
Total Interest paying off highest interest Debt First (Level Monthly Payment of $ 0.00) |
$0.00 |
| Total Interest paying off lowest balance Debt First (Level Monthly Payment of $ 0.00) |
| |
| Pay off Smallest Balance First | Pay off Highest Interest First |
|---|
To See month by month detail click here
Assumptions
We take your total payments from the first month and keep this constant throughout. This means that starting in 2nd month you are paying extra on your preferred debt to pay off. Minimum payment for variable payment items is 2% of balance plus interest.
We take your total payments from the first month and keep this constant throughout. This means that starting in 2nd month you are paying extra on your preferred debt to pay off. Minimum payment for variable payment items is 2% of balance plus interest.
Assumptions
We take your total payments from the first month and keep this constant throughout. This means that starting in 2nd month you are paying extra on your preferred debt to pay off. Minimum payment for variable payment items is 2% of balance plus interest.
We take your total payments from the first month and keep this constant throughout. This means that starting in 2nd month you are paying extra on your preferred debt to pay off. Minimum payment for variable payment items is 2% of balance plus interest.
This calculator is provided as a free service. No guarantee, explicit or implied, is made regarding its' accuracy or suitability to a specific purpose.