Debt-Free Date Calculator
Calculate when you’ll be debt-free based on your current debts, interest rates, and monthly payments. See how extra payments can accelerate your journey to financial freedom.
Step 1: Debt Information
| Debt Type | Balance | Interest Rate | Min. Payment | Action |
|---|
About Debt Types
Common debt types include credit cards, personal loans, student loans, auto loans, and mortgages. Each may have different interest rates and repayment terms.
Step 2: Payment Strategy
Payment Strategies Explained
Avalanche Method: Pay off debts with the highest interest rates first to minimize total interest paid.
Snowball Method: Pay off smallest debts first for psychological wins and momentum.
Debt-Free Projection
Your Debt-Free Date
Payment Strategy Comparison
| Strategy | Debt-Free Date | Total Interest | Total Paid | Time Saved |
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Debt Breakdown
Debt Repayment Formula
Monthly Payment Allocation = Minimum Payments + Extra Payment Applied to Highest Priority Debt
The calculator simulates monthly payments, applying interest to remaining balances, until all debts are paid in full. The debt-free date is determined by when the last debt reaches zero balance.
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