GuidesDebt1 min
More than one balance in the same month
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This guide
Each debt has a name, a balance, a rate, and a minimum payment. The month uses the ones with a balance above zero.
A row is one debt
Add a card, a personal loan, a student loan, a medical bill, or a name you type yourself. The row stores the balance you still owe, the yearly interest rate, and the minimum you pay.
The debt total is the sum of those minimums, plus any extra payment you typed. Each row also gets its own payoff date when the payment covers the interest.
A balance is the on-switch
A row with no balance does not join the household month and is not the reason the debt calculator counts as filled. Type the balance you owe, even if you plan to pay it off quickly.
A zero balance is treated as already gone. It drops out of the month.
Names show up on the month
The payoff list uses the name on the row. “Chase Freedom Unlimited” and “Medical” are easier to read than two rows called “Card.”
The list of common names is only a shortcut. The math does not depend on the brand.
This explains how WiseCalculator treats the numbers you type. It is not a lender’s offer and it is not advice for your loan.
More in Debt
- Minimum payments and how long payoff takesEach debt is paid with its minimum plus its share of any extra. The date is how many months that payment takes to reach zero.
- A payment that does not cover interestIf the payment is not larger than a month of interest, the balance never falls. The date says the payment does not cover the interest.
- Extra money is split by the minimumsAn extra monthly amount is shared across debts in proportion to each minimum payment. It is not sent entirely to the highest rate.