Debt Payoff Calculator
Your Debts
List your debts (not including your house).
Additional Payment
To pay off your debt faster, enter the additional payments you'll make.
What It Means: The balance is the total amount of debt you owe. It includes any remaining principal and possibly accrued interest from loans or credit cards.
How to Answer:
- Enter the total balance of the debt you are trying to pay off.
- This can include debts like car loans, personal loans, or credit card balances.
What It Means: The minimum payment is the smallest amount you’re required to pay each month on the debt. This amount is calculated based on the balance, interest rate, and repayment terms.
How to Answer:
- Enter the minimum payment amount required by your lender for each debt.
- Paying more than this can help reduce your debt faster and save on interest.
What It Means: The interest rate is the percentage charged on the balance of your debt. It determines how much additional money you'll need to pay on top of the principal balance.
How to Answer:
- Enter the annual interest rate for the debt, which you can find in your loan agreement or credit card statement.
- This helps the calculator estimate how much interest you’ll pay over time.
Serious About Budgeting? Try YNAB
If you're ready to take your budgeting game to the next level, we've got a fantastic tool for you—You Need a Budget (YNAB)! YNAB is a budgeting app that helps you use your money more efficiently, so you can control your spending and saving like a pro.
"Working hard with nothing to show for it? Use your money more efficiently and control your spending and saving with the YNAB app."
Get Started with YNAB
Note: This is an affiliate link. We may earn a commission at no extra cost to you if you decide to sign up through our link. Thank you for supporting us!
