Set what comes in, plan what goes out, and line up your debts. Then pick a payoff plan and see how many months until you are clear.
List your income sources and your spending categories. Type a planned amount, then the actual as the month goes on.
| Source | Amount |
|---|
| Category | Planned | Actual |
|---|
Every balance you owe, with its rate and minimum payment. These feed the payoff plan below.
| Debt | Balance | APR | Minimum | |
|---|---|---|---|---|
| Totals | $0 | $0 |
Choose a method, add anything extra you can pay each month, and see the projection. Snowball clears the smallest balance first for quick wins. Avalanche hits the highest rate first to save the most interest.
Estimated by stepping through one month at a time. Each month adds interest at the APR divided by twelve, pays the minimum on every debt, then sends the extra plus any freed up minimums to the focus debt. It assumes the rates and payments stay the same.