Debt payoff
When is it all gone?
Result
Paying €530.00 a month, you are out of debt in 3 years.
Along the way the interest costs you €2,185.92.
The extra €100.00 a month gets you there 11 months sooner and saves €1,259.17 in interest.
Payoff order
1. Credit card1 year and 6 months · €382.69
2. Personal loan2 years and 5 months · €737.61
3. Car loan3 years · €1,065.62
Total€18,685.92
Each debt that clears frees its minimum payment for the next one, which is why the last few go quickly.
What this means
Every month, each debt takes its minimum, and everything left over goes at one debt until it is gone. Then that debt's minimum joins the pile too. Nothing is magic about it — the acceleration comes from never letting a freed-up payment quietly go elsewhere.
Next step
Follow this plan for real
The payoff planner in Money Compass keeps the balances up to date from your bank statements, so the date is always the real one.
Try Money Compass free