Money Debt-free calculator: when will your debt be paid off?
Enter your remaining balance, interest rate and monthly payment. You will see the date you become debt-free and how much interest a small extra amount saves.
Simplified calculation with a fixed rate and constant payment, without fees. If you struggle with payments, free debt advice services can help.
Why small extra amounts make a big difference
With every loan, part of the payment goes to the bank as interest and only the rest reduces the debt. Every extra euro, on the other hand, goes entirely into repayment. That lowers next month's interest, so more of your normal payment reduces the debt. This effect builds up every month.
Expensive debt first
Overdrafts and credit cards often cost 10 to 20 percent interest. If you have several debts, an extra amount does the most on the most expensive one (avalanche method). Some prefer to start with the smallest debt for a quick win (snowball method). Both work if you stick with it. In the Money Compass, the debt plan compares both approaches with your real debts.
When the payment is not enough
If your payment barely covers the interest, the debt grows despite paying. That is not a personal failure but a sign to get help. Free debt advice services can also negotiate with creditors.
Frequently asked questions
Can I repay a loan early?
For consumer loans early repayment is usually possible; the lender may charge a limited early repayment fee. Check your contract.
How accurate is the calculation?
It assumes a fixed interest rate and a constant payment. Real contracts can have fees, fixed-rate periods or special repayment rules.
What is better: repay faster or save?
With expensive debt, faster repayment usually pays off more than saving. You should still keep a small emergency fund so no new debt arises.