Enter every card and loan you owe and what you can pay each month. See which order clears them fastest, what each order costs in interest, and when each debt goes.
Which order should I actually pick?
Dearest first always costs less or the same, because interest is charged on what you owe and the dearest debt grows fastest. That part is arithmetic, not opinion. Smallest first clears one debt much sooner, and for some people that is what keeps the plan alive. On the example above the gap is ₹2,843, against a first debt gone in month 8 rather than month 17. Use this page for your own numbers, then pick the order you will finish.
What rate do I enter for a credit card?
A card statement quotes a monthly rate. Multiply it by twelve for the figure here, so 3.5% a month is 42%. That leaves out two things that make a card dearer still: monthly compounding, and the 18% GST on the finance charge. The credit card payoff page works out both for a single card and shows the real annual rate, which you can enter here instead.
What counts as the minimum payment?
For a loan it is the EMI, which does not change. For a card it is the minimum due on the statement, usually around 5% of the balance with a rupee floor. A card minimum falls as the balance falls, and this page holds it steady, so a real card plan finishes slightly sooner than shown here rather than later.
Why does the order sometimes not change the finish date?
Because the date is mostly set by how much you pay, not by where you point it. On the example above both orders finish in month 24, and the only thing that moved was the interest: ₹95,164 against ₹98,007. The same budget clears the same total debt in roughly the same time whichever order you use. Both figures are shown, so you can see which one moved in your case.
Should I take a consolidation loan instead?
Only if the new rate is genuinely below the weighted average of what you are paying now, and only after counting the processing fee and any foreclosure charge on the debts you clear. A consolidation loan that lowers the monthly payment by stretching the tenure usually raises the total. Work out the total on both plans before you sign.
Does paying a debt off early hurt my credit score?
Closing a loan does not hurt it. Closing your oldest credit card can, because it shortens your credit history and cuts your available limit, which raises your utilisation ratio. Clear the balance, then think separately about whether to close the account.
What if I cannot cover all the minimums?
Then this page cannot help and a calculator is the wrong tool. Talk to the lenders before you miss a payment rather than after. Banks restructure far more readily for somebody who calls early, and a missed payment is on your record for years.