Restructuring debts for accelerated payoff

The quickest way to retire your debt is to 1) determine what your total debt payment is now, then 2) sort your debts from highest interest rate to lowest, then 3) continue to make the same total payment amount except pay Minimum Payments on all debts except the highest rate debt, then 4) once the highest rate debt is paid off apply those new savings to the next highest rate debt and so on. Use this calculator to determine the interest and time saved using this 'Roll-Over' technique along with the potential increase in savings once all the debts have been paid off. The calculator will sort the debts for you when completing the analysis. You may also apply an extra amount to the total payment to accelerate debt payoff even further.

Current Debt Information

	Creditor	Balance	Minimum Payment	Actual Payment	Interest Rate (0% to 40%)
Debt-1 ($)
Debt-2 ($)
Debt-3 ($)
Debt-4 ($)
Debt-5 ($)
Debt-6 ($)
Debt-7 ($)
Debt-8 ($)
Debt-9 ($)
Debt-10 ($)
Debt-11 ($)
Debt-12 ($)
Debt-13 ($)
Debt-14 ($)
Debt-15 ($)
Debt-16 ($)
Debt-17 ($)
Debt-18 ($)
Debt-19 ($)
Debt-20 ($)

Additional Debt Payments

Extra monthly payment ($)

One-time payment ($)

One-time paymentJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

One-time payment (2019 to 2050)

Assumptions

Debt orderingLowest to Highest BalanceHighest to Lowest Interest RateShortest to Longest Payoff Period

Interest earned on new savings (-12% to 12%)

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