The best way not to overpay to creditors is to figure out the best way to pay off your debts with a quick and easy-to-use debt calculator. Combine several debts into one, calculate monthly payments, find out how much money you can save.

Enter at least two numbers, separated by commas:

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Type on the keyboard or paste from your clipboard your set of numbers. Numbers have to be separated by commas.

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Click on the "Calculate" button. The result will instantly appear on the screen.

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Now you can copy the result to the clipboard.

This method of repaying multiple debts results in the lowest total interest cost by prioritizing the repayment of debts with the highest interest rates, while paying the minimum amounts for each other debt. This continues like an avalanche, where the highest interest rate debt tumbles down to the next highest interest rate debt, until every debt is finally paid off and the avalanche is over. For instance, a credit card with an 18% interest rate will receive priority over a 5% mortgage or 12% personal loan, regardless of the balance due for each. This method pays off debts with the least total interest. The calculator uses this method, and in the results, debts will be ordered from top to bottom starting with the highest interest rates first.

**Debt Snowball. **In contrast, this method of debt repayment starts with the smallest debt first, regardless of interest rate. As the smaller debts are paid off, payments are directed toward larger debt amounts. The debt snowball method can help those who value debt elimination as a sense of progress over lower total interest payments given constant payments. Although this method often results in a larger total interest paid than the debt avalanche method, eliminating any debt (even if small) can provide a significant emotional stimulus that may allow a person in debt to remain motivated or even make some sacrifices to contribute more towards paying off their debt. The calculator does not use this method.

Debt consolidation involves taking out a single, bigger loan, usually as a home equity loan, personal loan, or balance-transfer credit card, this new loan (usually with a lower interest rate) is used to pay off all existing smaller debts. Debt consolidation is mainly useful for paying off higher interest debts, such as credit cards balance. In many situations, this can lower the monthly repayment amount making it is less stressful to payback. Also, having one sole monthly payment instead of several can be less complicated. However, it may increase the loan term, which may result in a larger overall payment on interest. For more information or to do calculations involving debt consolidation, use the Debt Consolidation Calculator.