Debt Calculator
A debt calculator turns the balance, interest rate (APR) and monthly payment of each debt into two numbers: the month you will be debt-free and the total interest you will pay. Enter your debts below to see both. Nothing you type leaves your browser.
Your debts
One example debt is filled in: replace it with your own numbers, or add up to 9 more.
Estimates only. Assumes fixed rates, no new charges and the same minimum every month. Not financial advice, and Ledgewise is not a lender.
What does a debt calculator do?
A debt calculator turns each debt's balance, rate and payment into a debt-free date and a total interest figure. Each month it does three things, and it flags a payment that can never clear the debt:
- Adds a month of interest to each debt: the balance times the yearly rate, divided by 12.
- Subtracts your payment, then repeats month by month until every balance reaches zero.
- Reports the month that happens, the total interest paid, and the total you paid in all.
- If a payment is smaller than one month's interest, the balance never falls, and the calculator says so instead of giving a date.
How do I use this debt calculator?
Gather your latest statements, enter one row per debt, and read the date and interest it gives back. In five steps:
- Get your latest statement for each debt.
- Enter the balance, the APR and the minimum monthly payment on one row.
- Add a row for each other debt, up to ten.
- Type any extra amount you could add each month. Leave it empty for none.
- Read the debt-free date and total interest, then change the extra amount to see what it does.
What does the result look like for one credit card?
A credit card with a $5,000 balance at 22% APR and a $150 minimum, paid with different monthly amounts:
| Monthly payment | Debt-free in | Total interest |
|---|---|---|
| $150 | 52 months | $2,798.09 |
| $200 | 34 months | $1,749.90 |
| $250 | 26 months | $1,285.71 |
Raising the payment from $150 to $200 clears this card 18 months sooner and saves $1,048.19 in interest.
What mistakes make a debt calculator wrong?
Wrong inputs are the usual cause, not wrong arithmetic. Four common ones:
- Entering the original loan amount instead of today's balance.
- Entering a monthly rate where the APR belongs (1.5% a month is 18% APR).
- Leaving out a debt, so the total looks smaller than it is.
- Forgetting new charges. The calculator assumes you stop adding to the balance.
What does a debt calculator not do?
The Ledgewise debt calculator starts from the debts you have. It does not price a new loan, a balance transfer or consolidation, and it does not know your lender's fees. For several debts and a choice of order, use the debt payoff calculator.
Which other debt calculators can I use?
- Debt payoff calculator: snowball and avalanche side by side, for up to ten debts.
- Snowball method debt calculator: the smallest-balance-first plan, step by step.
- Debt repayment calculator: a year-by-year repayment timeline and what a bigger payment changes.
What do people ask about this calculator?
What is a debt calculator?
A debt calculator is a tool that works out how long your debts will take to clear and how much interest they will cost, from each debt's balance, interest rate and monthly payment.
What do I need to use a debt calculator?
Three numbers per debt from your latest statement: the balance you owe today, the interest rate (APR) and the minimum monthly payment. An extra monthly amount is optional.
Does a debt calculator work for credit cards, car loans and student loans?
Yes, for any debt with a fixed interest rate and a regular monthly payment. Variable rates change over time, so treat the result as an estimate and update it when your rate moves.
How is this different from the debt payoff calculator?
This page gives one clear answer for your debts. The debt payoff calculator also compares the snowball and avalanche methods side by side, month by month.
Is the result exact?
No, it is an estimate. It assumes fixed rates, no new charges and the same payment every month. Card minimums usually fall as the balance falls, so your lender's schedule can differ.
Does the calculator save or send what I type?
No. The arithmetic runs in your browser, and the amounts you enter are not sent to Ledgewise or anyone else.
Keep the plan, not just the estimate. Add each debt in Ledgewise and see the debt-free date next to your monthly budget. The free plan has no time limit.
Start freeWritten by Robert Afanu, founder of Ledgewise. About the founder.