Free Online Tools Help Users Build Debt Payoff Plans

Bankrate provides a debt payoff calculator that creates a month-by-month timetable for clearing multiple debts. Users enter loan balances, interest rates, and expected income changes. The tool then shows how much to pay each month until each debt is eliminated.

Bankrate's method pays the highest-interest debt first. Once that balance reaches zero, the amount previously allocated to it is added to payments on remaining debts. This approach continues until all listed obligations are paid.

NerdWallet calculates total debt as a percentage of income and classifies the result as smaller, larger, or overwhelming. The site then directs users to an article describing repayment options based on that classification. The calculator does not request specific loan types such as student loans or mortgages.

WalletHub connects to users' financial accounts to import current balances and payment history. The platform lets users adjust monthly payment amounts to see how faster payments affect total interest paid and payoff dates. The service is available only to users who sign up and link their accounts.

WalletHub and NerdWallet both include balance-transfer calculators for credit card debt. These tools compare introductory rates on new cards against existing card terms to estimate interest savings. The sites display user reviews of the recommended cards.

Intuit offers several basic calculators for loans, savings accounts, and student debt. The tools compute lifetime costs and monthly payments but do not generate full repayment strategies. They are intended for users evaluating new borrowing decisions rather than managing existing debt.