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## Debt Payoff Plan and Strategy

Hi All, I have finally made a plan to payoff all my debt except my mortgage. 2 years ago I only had my student loan and auto loan but instead of aggressively paying that down, I’ve went the other way.

### Current Debt Breakdown

Here’s my debt breakdown:

| Account | Balance | APR | Monthly Payment |
|—————-|————|——————–|—————–|
| CC1 | $2,100 | 0% | will be paid off next month |
| CC2 | $15,200 | 0% APR until Feb 2025 | $200 |
| CC3 | $6,400 | 0% APR until Sep 2025 | $100 |
| Auto Loan | $7,407.62 | 4.25% | $230 |
| Student Loan 1 | $4,823 | 5% | $100 |
| Student Loan 2 | $45,986 | 5.83% | $100 – SAVE |
| HELOC | $67,982 | 11.75% | $1000 |

### Concerns and Challenges

The HELOC is keeping me up at night with almost $700/month in interest only payments. Unless I aggressively pay this down, I know it’s going to eat me alive.

### Financial Overview

I have a spreadsheet for all this. Which I look at pretty much everyday.

My take home pay is: $2,600/bi-weekly for simplicity I’m using $5,200/month for planning, anything extra will go towards debt.

Monthly Expenses: $1000/month – this includes everything I need to survive. I house hack so left out mortgage payment for simplicity

Monthly Min Debt Payments: $1,730/month

This leaves me with ~$2,400/month to pay down my balances.

### AI Legalese Decoder Assistance

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### Goals and Questions

I know by keeping my head down and aggressively paying down this balance, in 3-4 years I’ll be in a much better position. I’ve included my debt pay off plan table below.

1. **How do you keep yourself motivated when going down this road?**
2. **How can I minimize my monthly interest payments? Right now about ~$800.**

I’m unable to upload a screenshot of my debt payoff plan from undebt.it. I should pay everything off by Oct 2027 with about $20k going to interest.

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