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Which Debt Do You Pay First?

List your debts. See the smallest balance first strategy beside the highest interest rate first strategy, and what each costs you. Nothing is sent anywhere; the math runs in your browser.

Your Online Debt Table

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Example numbers shown; type yours.

Your Result

Smallest balance first, you are Debt-Free in

2 years 11 months

Your first debt, Store credit card, is gone in month 8.

Paying the highest interest rate first saves $ 94 in interest. Paying the smallest balance first clears your first debt sooner.

Smallest Balance First

  1. Store credit card: paid off in month 8
  2. Visa: paid off in month 34
  3. Car loan: paid off in month 35

Debt-Free in 2 years 11 months, $ 3,670 in interest.

Highest Interest Rate First

  1. Visa: paid off in month 33
  2. Store credit card: paid off in month 33
  3. Car loan: paid off in month 35

Debt-Free in 2 years 11 months, $ 3,576 in interest.

Pay every minimum, every month. The extra goes to 1 debt at a time.

How I Calculated This

Each month every balance adds its interest: the balance times its interest rate divided by 12. Every minimum is paid. The extra $ 100, plus the minimum of every debt already paid off, goes to the first unpaid debt in the order.

Smallest balance first: Debt-Free in 2 years 11 months, $ 3,670 in interest. Highest interest rate first: Debt-Free in 2 years 11 months, $ 3,576 in interest. The difference is $ 94.

This assumes fixed interest rates, no new charges, and the same total payment every month.

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Questions People Ask

Smallest Balance First Or Highest Interest Rate First?

Highest interest rate first costs less interest. Smallest balance first clears a debt sooner, and seeing a debt gone helps some people keep going. The calculator shows both so you can pick the one you will stick with.

What If I Can't Pay All My Minimums?

Call the credit card company before you miss a payment and ask about a hardship program. Here is what to ask.

Should I Stop Saving To Pay Debt Faster?

Keep a small cushion first, so 1 surprise bill does not go back on a credit card. Read Emergency Fund First Or Debt First?