When are you debt-free?
Enter what you owe, what you pay monthly, and the rate. The date updates as you move the sliders; watch what an extra fifty a month does to it.
- No signup
- Nothing tracked
- Numbers stay on your screen
- Checked September 2026
3 years and 1 months of €250 a month clears the €8,000.
€1,182 of what you pay is interest. Every extra unit of payment goes straight at the balance and shrinks that.
€50 more a month, €300, would finish 7 months sooner.
Standard amortisation, the same formula the bank uses. It cannot remember next month's balance; checking it once a month is what keeps the date honest.
How it is worked out
Debt payoff calculator: how the date is worked out
The maths here is the standard amortisation formula, the same one banks use. What it can’t do is remember your balance next month. That part is a habit: check the balance once a month and the date moves with reality, not with a one-off calculation.
Common questions
- Why does a small extra payment change the date so much?
- Because every extra euro skips the interest queue entirely and hits the balance. Early in a payoff, a large share of each payment is interest; extra payments are 100% principal, so they compound the shortening month after month.
- Should I pay off debt or save first?
- Mathematically: pay the debt if its interest rate is higher than what savings earn, which is almost always. Psychologically: a small emergency buffer first (one month of bills) prevents new debt when life happens. Most people do both at a ratio they can sustain.
- Does this debt payoff calculator work for a car loan or a mortgage?
- Yes, wherever the rate is fixed and the payment is the same every month, which covers most car loans, personal loans and fixed-rate mortgages. A credit card is the exception: its minimum payment shrinks as the balance falls, which is what makes minimums last for decades. Type a fixed amount you will actually pay every month instead, and the date you get is real.
- I have several debts. Which one first?
- Highest rate first costs you the least money. Smallest balance first gets a debt off the list soonest, and finishing something is what keeps people going. The difference between the two is usually smaller than the difference between picking either one and picking neither. Run this page once per debt, pay the minimum on the others, and put everything spare on the one you chose.