Personal Finance Information


Calculator: Should I Pay Off Debt or Save

What to do with money always involves choices, some easier to make than others. The trade-off between paying off credit and adding to savings is easier to see when you use this calculator.

Remember to save on credit, too, by using the low cost lender—your credit union— whenever you borrow. And you win on the other side of your personal balance sheet by adding to savings at the credit union—your source for high yields.


Should I pay off debt or save?
 Amount available each month $
 Amount I owe $
 Interest rate I pay on debt
 Yield I earn on savings
 Federal & state tax rate
 Interest I'd save in one year by paying off debt:
 $
 Yield I'd earn in one year on savings after taxes:
 $

This calculator is solely for informational purposes and provides reasonably accurate results; the calculations are not intended to be relied upon as actual savings results computations.

Published November 11, 2000

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Share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), $250,000 as of October 3, 2008. The Emergency Economic Stabilization Act of 2008 increased the insurance coverage on all accounts up to $250,000 until December 31, 2009.

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