Debt Repayment Planner Calculator
Escape Debt with a Strategic Repayment Plan
Debt can weigh you down, but a smart repayment plan can lighten the load. Our Debt Repayment Planner Calculator helps you tackle multiple debts using the Debt Snowball (smallest balance first) or Debt Avalanche (highest interest first) method. Input your debts—credit cards, personal loans, or car loans—and see the time, monthly payments, and total interest needed to become debt-free. This tool empowers you to take charge of your finances.
Start by selecting your strategy: Snowball for quick wins by clearing smaller debts first, or Avalanche to save on interest by targeting high-rate debts. Enter each debt’s name, balance (e.g., ₹50,000 credit card), interest rate (e.g., 30%), and minimum payment (e.g., ₹1,500). Add an extra monthly payment, like ₹2,000, to speed up repayment. The calculator shows the repayment timeline for each debt, total time, and interest paid, helping you compare strategies.
Strategy choice matters. For example, with two debts—₹50,000 at 30% (₹1,500 minimum) and ₹1 lakh at 12% (₹2,000 minimum)—plus ₹2,000 extra monthly, Snowball clears the ₹50,000 debt in 13 months, then the ₹1 lakh in 34 months total, with ₹31,500 interest. Avalanche prioritizes the 30% debt, clearing both in 33 months with ₹29,800 interest, saving ₹1,700. Add a third ₹20,000 debt at 18%, and Avalanche might save more. Test scenarios to find your fit—perhaps ₹3,000 extra for faster payoff.
Effective debt repayment needs discipline. Boost extra payments by cutting expenses, like dining out. Negotiate lower rates with lenders or consolidate high-rate debts into a personal loan at 10-12%. Automate payments to avoid penalties and track progress monthly. Snowball boosts motivation with early wins; Avalanche maximizes savings but requires patience. This calculator helps you plan, but consult a financial advisor for complex debts or balance transfers.
Debt freedom is within reach. This calculator turns your goal into a plan. As of April 2025, with high interest rates and economic pressures, acting now is crucial. Input your debts, tweak the strategy, and start your journey to financial freedom. Let this tool guide you toward a debt-free life, ensuring every rupee paid brings you closer to peace of mind.