Debt payoff calculator
Enter what you owe, what you pay monthly, and the rate. The date updates as you move the sliders — watch what an extra €50 a month does to it.
Debt-free in October 2029.
37 monthly payments of €250 clear the €8,000.
€1,182 of that goes to interest — every extra euro of payment shrinks it.
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, and it's exactly the habit Gen Finance is built around: your debt is one of the five numbers you confirm each payday, and the debt-free date on your Position screen 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.