How do I pay off multiple debts as fast as possible?
Credit card, auto loan, student loan: each at a different rate, each with its own minimum payment. You're paying all of them a little, and nothing's moving.
This calculator shows two strategies side-by-side. First: attack the smallest debt and close it fast. Second: attack the highest-rate debt to pay less interest overall.
You enter your debts and how much extra you have for payoff each month. You get specific numbers: how many years each strategy takes, total interest, and the order each debt disappears.
How to use it
- Add every debt. For each one: name, balance, annual rate (APR), minimum payment.
- Use "Add debt" to add more, the × icon to remove.
- Enter extra per month: the amount BEYOND all minimum payments. This is the fuel for the whole strategy.
- The tool runs both strategies side-by-side and tells you straight how much LESS interest you pay by going optimal.
- The chart shows total debt falling over time in both versions.
When this is useful
Five common scenarios:
- Classic "multiple debts" situation. Credit card at 22%, auto loan at 8%, student loan at 5%. I have $200 extra each month. Which one do I hit first?
- "Pay extra debt or save?". Even a 5% savings account loses to aggressively paying off 22% debt. Enter your debts and you'll see that for most people, paying off debt is the best "investment" they can make.
- Sanity-check a consolidation offer. Bank pitches a 10% consolidation loan to pay off everything. First check here how much you'd pay WITHOUT consolidation. Sometimes the "highest APR first" strategy ends up cheaper.
- Psychological exit plan. If you've abandoned payoff plans before after 2-3 months, the "smallest first" strategy might be your savior. The first debt disappears fast, motivation grows, you stick with it. Psychologically safer than "attack the biggest first".
- Educate your partner or kid. Show with concrete numbers why paying just the credit card minimum is a trap. You'll see that adding $200 extra cuts payoff from 30 years to 3 years.
If your main problem is a credit card and you want a dramatic visualization of the minimum-payment trap, use our dedicated credit card payoff calculator.
Questions and answers
The "highest APR first" strategy is mathematically optimal: you always pay less total interest. "Smallest balance first" gives you psychological wins: small debts disappear fast, motivation grows. Pick the optimal one if you have discipline. Pick smallest-first if you've given up on payoff plans before. Quick wins keep you on track.