Debt repayment plan calculator
Type your debts in the same order in the three lists, then the budget you can put in each month. If the budget does not cover the minimums, this is flagged.
Result
22Months to repay everything
- That is 1 years and 10 months
- Interest cost
- 920.01
- Total paid
- 10,620.01
- Payoff order (debt no.)
- 1 → 3 → 2
- Last payment
- October 5, 2028
Year by year
Detailed table
| Year | Principal repaid | Interest paid | Left to pay |
|---|---|---|---|
| 1 | 5,224.70 | 775.30 | 4,475.30 |
| 2 | 9,700.00 | 920.01 | 0.00 |
How it is calculated
- Each month: interest on each debt (rate ÷ 12), then each debt’s minimum.
- The rest of the budget goes to the chosen target debt; once it is cleared, we move to the next one.
- If the budget is below the sum of the minimums, the plan is impossible: this is flagged.
Example
Debts 2,500 (21.9%), 6,000 (7.5%) and 1,200 (15%), budget 500 a month, highest rate first: 22 months, 920.01 of interest, order 1 → 3 → 2.
Good to know
- Fixed rates, no new borrowing during the plan.
- Fees and penalties not included.
Frequently asked questions
What is this tool used for?
Type your debts in the same order in the three lists, then the budget you can put in each month. If the budget does not cover the minimums, this is flagged.
How is the result calculated?
Each month: interest on each debt (rate ÷ 12), then each debt’s minimum.
What should I check before using the result?
Fixed rates, no new borrowing during the plan.