Debt Payoff Calculator
Use this debt payoff calculator to figure how much you need to pay each month to be out of debt by a selected payoff date.
If you have multiple debts then use this Debt Snowball Calculator to plan the fastest way to get out of debt using the rollover method.
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How Much Should Your Debt Payments Be?
Feel like you’ll never get out of debt?
Do you know when you want to get out debt but don’t know how much to pay each month?
The reality is debt can truly weigh you down, but take heart – with a smart plan you can escape!
The Debt Payoff Calculator reveals how much you need to pay each month in order to be out of debt by a certain date.
Perhaps you want to be debt free before you go back to college, move to a new city, or before the new baby arrives. You’ll discover exactly how much you should plan on paying each month to make that happen with the debt payoff calculator.
The Debt Payoff Plan
Getting out of debt is truly a challenge. Below is a step-by-step plan so you can reach your debt payoff goals:
Once you’ve paid off your debt, it’s time to live debt free forever!
Buy cars outright – never take out auto loans. Dealerships make a large portion of their profits on finance charges. Surprise the salesman by whipping out your checkbook after you’ve negotiated your best deal!
If you’re going to carry credit cards, make sure you’re spending within your budget. Use your credit cards only for transaction convenience – never to extend your purchasing power. If you can’t afford to pay the bill in full by the end of the month then don’t buy it.
Switch from asking how much you’ll have to pay monthly, to how much you’ll have to pay overall – a subtle but important shift in thinking.
Paying off your debt is a truly rewarding experience. Imagine how much money you’ll save on interest. Dream what it will feel like to not have debt looming over you like a dark cloud.
Debt freedom is an important contributing factor to building wealth. You now have the tools and a plan to make it happen – start today!
Debt Payoff Calculator Terms & Definitions
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