Total Debt Calculator
Add up all your debts, calculate total interest burden and create a payoff plan.
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Frequently Asked Questions
What is a healthy debt-to-income ratio?
Total DTI under 36% is considered healthy by most lenders. Non-housing DTI under 20% is ideal. Mortgage lenders prefer total DTI under 43% for approval (some allow up to 50% with strong credit). Consumer financial health benchmarks: under 15% non-mortgage DTI is excellent, 15-35% is manageable, 35-50% is high, above 50% is concerning and needs immediate attention.
What debts should I pay off first?
Priority order: (1) Any debt in collections or severely past due (stop credit damage). (2) High-interest credit cards and payday loans (highest cost debt). (3) Other unsecured debt over 10% interest. (4) Student loans over 7% interest. (5) Car loans. (6) Student loans under 7%. (7) Mortgage (lowest rate, tax deductible interest, builds equity). Never neglect minimum payments on any debt.
How long does it take to become debt-free?
With focused effort: credit cards (using avalanche or snowball) 2-5 years, car loans 3-5 years, student loans 5-10 years, mortgages 15-30 years (or earlier with extra payments). The most powerful accelerator is increasing income and directing 100% of new income to debt. Side income of $500-$1,000/month applied to debt can cut payoff time in half.