Debt Repayment Calculator
A debt repayment calculator shows how your debts shrink over time: the balance left at the end of each year, the interest paid so far, and the month each debt is cleared. Enter your debts and an extra monthly amount to see your repayment timeline and what a bigger payment changes. Nothing you type leaves your browser.
Your debts
Add up to 10. The rows below are an example: replace them with your own numbers.
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 repayment plan need?
A repayment plan needs three things: a fixed monthly budget, an order for the extra money, and a regular check against your real balances.
- A monthly budget: all your minimums plus an extra amount. It stays the same, so when a debt is cleared its payment moves to the next one.
- An order: which debt gets the extra first. The timeline below the calculator uses highest rate first (avalanche), which usually costs the least interest.
- A regular check: update the balances now and then, because real balances drift from any projection.
What does a repayment timeline look like?
Three debts totalling $16,200: a store card ($1,200 at 9%), a credit card ($6,000 at 26%) and a car loan ($9,000 at 7%). Minimums add up to $370 a month, and the plan adds $200, paying the highest rate first.
| When | Balance still owed | Interest paid so far |
|---|---|---|
| Start | $16,200.00 | $0.00 |
| End of year 1 | $11,253.75 | $1,893.75 |
| End of year 2 | $5,291.62 | $2,771.62 |
| Month 34 | $0.00 | $2,936.55 |
The same debts take 94 months and $9,936.38 in interest if you pay only the minimums.
How much does the monthly amount change repayment?
The same three debts with different amounts, paying the highest rate first:
| Plan | Debt-free in | Total interest |
|---|---|---|
| Minimums only, nothing rolls forward | 94 months | $9,936.38 |
| No extra, minimums rolled forward | 67 months | $8,248.17 |
| $50 extra a month | 52 months | $5,495.96 |
| $100 extra a month | 44 months | $4,196.83 |
| $200 extra a month | 34 months | $2,936.55 |
| $500 extra a month | 21 months | $1,639.23 |
Even with no extra money, moving each cleared debt's minimum onto the next one saves 27 months and $1,688.21 of interest here.
How do I keep the repayment plan on track?
Keep the numbers current and keep the money moving to the target debt. Four habits help:
- Re-enter your balances every few months, so the date matches reality.
- Update an interest rate when it changes. A lower rate helps more than it looks.
- Put windfalls on the target debt, and raise the extra amount when your income rises.
- Choose an order with the snowball method debt calculator or 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.
- Debt calculator: a plain overview of what a debt calculator does and how to read it.
- Snowball method debt calculator: the smallest-balance-first plan, step by step.
What do people ask about this calculator?
How do I make a debt repayment plan?
List every debt with its balance, interest rate and minimum payment. Decide how much extra you can pay each month. Choose which debt gets the extra first. Then follow the plan and update the balances each month.
How long will it take to repay my debts?
That depends on the balances, the rates and your monthly budget. Enter your debts above for the month your last balance reaches zero.
How much does an extra payment shorten repayment?
A lot, because it saves interest and frees the next minimum sooner. In the worked example below, $50 extra a month cuts repayment from 94 months of paying only the minimums to 52 months.
Which debt should I repay first?
Paying the highest interest rate first (avalanche) usually costs the least. Paying the smallest balance first (snowball) clears a debt sooner. The debt payoff calculator compares both on your debts.
Does the repayment calculator include new charges or fees?
No. It assumes you stop adding to your balances, rates stay fixed and every payment is made on time. Add fees and charges to a balance yourself if they apply.
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.