Which debt should you pay off first?
List what you owe, the interest rate and the minimum payment on each debt, then what extra you can pay each month. The calculator compares the two common orders with paying only the minimums.
Your estimate
What the calculator assumes.
The method. Interest is added each month at the annual rate divided by 12. Every debt gets its minimum, and the rest of the budget goes to the debt at the top of the order. When a debt is cleared, its minimum moves to the next one, so the monthly budget stays the same until you are debt-free.
What it leaves out. Minimums on credit cards fall as the balance falls, and rates change; here both stay fixed. No new charges are added, and fees and penalties are not included. Check whether a lender charges to pay early.
If you are falling behind. The Financial Consumer Agency of Canada has more on paying down debt and getting help: FCAC, Managing debt. To see one loan replacing several, try the debt consolidation calculator. For one card, see the credit card payoff calculator.