About this calculator
Enter up to four debts with their balance, rate and monthly payment, and the extra you can pay. When a debt is cleared, its payment rolls over to the next one.
How to use it
- Enter each debt’s balance, yearly rate and monthly payment.
- Enter the extra you can pay each month.
- Read when you will be debt-free and the interest saved.
The formula
- minimums
- the regular payment on each debt
- extra
- additional money you can put towards debt
Worked example
A credit card, a personal loan and a car loan
- Debts of ₹6,30,000 with payments of ₹20,000 a month.
- Adding ₹5,000 a month clears everything in 2 years 6 months instead of 3 years 5 months.
- The extra saves ₹68,037 in interest.
What the result means
High-rate debts such as credit cards should almost always be cleared first.
Assumptions
- Rates stay the same and no new debt is added.
Limitations
- Prepayment charges on some loans are not included.
Frequently asked questions
What is the avalanche method?
Paying extra on the highest-interest debt first while paying the minimum on the rest. It saves the most interest.
What is the snowball method?
Paying the smallest balance first for quick wins. It usually costs a little more interest.
Should I prepay a home loan or a credit card first?
The credit card, because its rate is far higher.
For information only. This calculator gives estimates based on the figures you enter and the assumptions listed above. It is not financial advice. Actual amounts depend on the lender’s or institution’s terms, fees, rounding and rate changes. Please confirm with them before you decide.
Last reviewed on 1 October 2026. Found a mistake? Tell us.