DEBT STACKING

This online calculator can help you determine a faster and manageable way to repay all your debts by proposing the following scenario:

You provide a list of all your debts (credit cards, lines of credit, car, mortgage, other revolving loans) together with some basic information (annual interest rate, minimum monthly payment, etc.)
You then enter how much money you can afford to repay toward your debts each month. Let's call this amount your "Money Bag".
You must stick to at least this amount every month. Of course, the more you can commit to it, the faster the debts will be gone.

Using the concept of Debt Stacking, this calculator will then rearrange your debts to be paid off in order of highest interest first, toward lowest interest last. The minimum monthly payment will be applied to all debts except for the highest interest rate current debt which will get whatever is remaining in your Money Bag. This will allow you to repay that debt faster and save money on that higher interest rate.

Once the first debt is paid off, the money you were paying against it monthly will automatically be used toward the next highest interest rate debt and the cycle continues. Like a snowball going downhill, the money available to repay your current highest interest rate debt becomes higher and higher until all your debts are paid off.

You will be able to see that your debt free month might be closer than you thought.
Privacy Note: Please do not enter any confidential information in the Debt Name column. For example, if it is a bank loan, simply enter "Car" instead of the bank account number. We do not keep any information on our server. If you choose to allow cookies, we can save an encrypted cookie on "your" browser which can be retrieved automatically the next time you come on this site.
Debt Name Name you want to use to identify this debt. (No personally identifying info or account number here please)
Debt Amount Current balance of this debt
Interest Rate Current annual interest rate of this debt (Ex: 0.1999 indicates 19.99% interest rate)
Minimum Payment Identify the mimimum amount to be paid on each period to this debt.
This can either be a percentage of your debt amount or a fixed amount.
If you enter an amount lower than 1, it will be considered a percentage of your debt amount.
If you enter an amount greater than or equal to 1, it will be considered a fixed amount.
Ex: 100 means $100 per payment period while 0.035 means 3.5% of your principal
Flexible Pmt If this box is checked, you are allowed to change the payment amount.
If unchecked, the mimimum payment amount entered will be considered a fixed payment amount per period.
In other terms, when the Flexible Pmt checkbox is checked, even if you have extra money remaining in your Money Bag, it will not be applied to this debt as it is a fixed monthly payment.
Ex: A car loan or a mortgage have fixed monthly payment agreed with your lender while credit cards allow you to pay off any amount equal to or above the minimum payment required.
New Spending You can enter a monthly recurring amount being added to a particular debt.
For example, you might have monthly fees of $20 from video streaming and $120 added from your car insurance payment.
You would then enter $140 in this field. This amount gets added to your principal prior to determining payment amount each month.
Pay First Sometimes, there is this one particular lower interest debt that you just want out of the way.
If this box is checked, this debt will have higher priority to be paid first over other debts.
If you check this box for multiple debts, the sorting will be applied to the "Pay First" group first and then to the other group of debts.

Debt Name Debt Amount Interest Rate Minimum Pmt Flexible Pmt New Spending Pay First

How much money do you want to pay each month toward your debt?