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Debt Repayment Calculator


This debt repayment calculator figures how much faster you will get out of debt and how how much interest you will save by adding an additional principal repayment to your next regularly scheduled payment.

If you have multiple debts to repay then try this Debt Snowball Calculator to repay faster using the rollover method. In addition, there are 10 other credit card and debt calculators here to choose from. One will certainly fit your debt repayment needs perfectly.


Debt Repayment Calculator

Balance Owed:
Annual Interest Rate (APR):
Regular Monthly Payment (Principal/ Interest Only):
One-time Lump Sum Addition To Next Payment:

Current Payoff Term (Months):
New Payoff Term (Months):
Time Saved (Months):
Original Interest Cost:
Reduced Interest Cost:
Total Interest Savings:
Return On Investment For One-Time Repayment:

How Much Time And Money Will You Save By Adding An Additional One-Time Payment?

Feel like you’re repaying your debts just fine? Think you “have it together?”

Watch out. You might be in for years and years of interest payments – unnecessary payments if you have the means to pay a large, one-time lump sum.

Using our Debt Repayment Calculator, run a scenario where you sell a car to put the money toward debt, forgo an expensive vacation for the dream of becoming debt-free, or use some inheritance money to wipe out those student loans. Whatever your scenario, let the Debt Repayment Calculator show you how much time and money you can save thus spurring you to action!

debt repayment calculator image

Repay Debts Or Invest?

What’s more important: Paying off loans or investing? The issue depends on your financial situation and several factors.

Some people want to do both at the same time. Others demand paying off debts as a first priority. However, you should assess your situation so that you can make the most appropriate decision based on the information you have. Consider the following:

  • If you have debts and investments, are you paying more interest on your debts than you’re making on your investments? Invest only when you can reasonably expect returns that significantly exceed the interest on your debts; otherwise, you would be better off repaying your debts before investing.
  • Are there any risks involved? Which of the two gives you greater risk – your debts or investments? If the investment doesn’t go well, you may find yourself miserably paying off the debts while having little or nothing to show for your “savings.”
  • Are you figuring in matches? If you are receiving a match (for example, through an employer-based 401k), it might be more attractive to pay into your retirement account knowing you’ll at least make a 100% return – more than you’d save by putting that money toward debt.
  • What if you lose your job next month? Do you have an emergency fund to support your household needs if you temporarily lose your income? Many experts recommend that you save enough to cover at least three months of your household expenses. Of course, depending on your personal preference or financial situation, this calculation may be adjusted.

Don’t just focus on the numbers. You should also take into consideration the psychological effects of your decision. Which option are you more motivated to undertake? What are the psychological benefits of being debt-free? Think through these factors before moving forward.

How To Make A Lump Sum Payment

Start by making a list of items you can sell to gather the cash you need for a lump sum payment. Items might include:

  • Vehicles
  • Rental homes
  • Jewelry
  • Computers
  • Smartphones
  • Property
  • Tools and equipment
  • Art and antiques

You can also forgo future spending on events and services such as:

  • Vacations
  • Expensive cellular service
  • Dining out
  • Entertainment venues

Finally, consider seeking an extra job or a pay raise to be able to throw extra money at debt.

After you’ve completed your list of items, dedicate your earnings and savings to making lump sum payments toward your debt. Our repayment calculator will help you see the results of one such payment – imagine if you paid extra every single month!

Early Lump Sum Repayments Make A Big Difference

If you’ve decided to work on paying off your debt, remember that early lump sum payments make a big difference. The less principal involved in a debt, the less interest you’ll pay. By wiping out a big chunk of principal, your total interest savings will skyrocket because of the compound effect.

The sooner you put a lump sum repayment toward your principal, the better. Making a lump sum (or several lump sum) payments will decrease the amount of time you’ll carry your debt – dramatically.

Try running your own numbers on this Debt Repayment Calculator so you can see the benefits of lump sum payments today!

Debt Repayment Calculator Terms & Definitions

  • Balance Owed – The outstanding amount of debt owed to your creditor.
  • Annual Interest Rate (APR) – The annual percentage interest paid for borrowing money.
  • Regular Monthly Payment – The amount you regularly repay on your debts.
  • One-Time Lump Sum Addition To Next Payment – Your planned one-time additional payment toward principal owed on your loan during your next payment.
  • Current Payoff Term – The remaining loan term if you make the regular monthly payment only.
  • New Payoff Term – The new loan term after paying an additional amount to principal.
  • Time Saved – How much time you’ll save by making the additional, one-time, lump sum payment.
  • Original Interest Cost – How much interest you’ll pay if you only make the regular monthly payment.
  • Reduced Interest Cost – How much interest you’ll pay if you make the additional one-time lump sum payment.
  • Total Interest Savings – How much interest you’ll save over the entire loan life if you make the additional one-time lump sum payment.
  • Return On Investment For One-Time Repayment – The percentage return you’ll make on your one-time lump sum payment.

Related Credit Card Calculators For Debt Payoff

  • Credit Card Comparison Calculator: Which credit card is the best deal?
  • Credit Card Minimum Payment Calculator: How long will it take to pay off my credit card and how much will it cost me if I make only the minimum payments?
  • Debt Snowball Calculator: How fast can the rollover method can get me out of debt and how much will I save?
  • Credit Card Interest Calculator: How much of my credit card payment is interest and how much is principal?
  • Credit Card Payoff Calculator: How long until I pay off my credit card debt using a variety of payment strategies? Includes printable amortization schedule.
  • Credit Card Payment Calculator: Which repayment strategy will cost the least and get me out of debt the fastest?
  • Debt Payoff Calculator: How much must I pay each month to be out of debt by any selected date?
  • Debt Consolidation Calculator: How much will I save by consolidating my debts into one loan versus paying them individually?
  • Debt Reduction Calculator (With Amortization Schedule): How fast can I get out debt and how much will I save by adding a fixed amount to each monthly payment?
  • Debt Calculator: How long will it take to get out using my current payment plan?
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Disclaimer: Each calculator on this web site is believed to be accurate. However no guarantee is made to accuracy and the publisher specifically disclaims any and all liability arising from the use of this or any other calculator on this web site. Use at your own risk and verify all results with an appropriate financial professional before taking action. The information contained on this web site is the opinion of the individual authors based on their personal observation, research, and years of experience. The publisher and its authors are not registered investment advisers, attorneys, CPA’s or other financial service professionals and do not render legal, tax, accounting, investment advice or other professional services. The information offered by this web site is general education only. Because each individual’s factual situation is different the reader should seek his or her own personal adviser. Neither the author nor the publisher assumes any liability or responsibility for any errors or omissions and shall have neither liability nor responsibility to any person or entity with respect to damage caused or alleged to be caused directly or indirectly by the information contained on this site. Use at your own risk. Additionally, this website may receive financial compensation from the companies mentioned through advertising, affiliate programs or otherwise. Rates and offers from advertisers shown on this website change frequently, sometimes without notice. While we strive to maintain timely and accurate information, offer details may be out of date. Visitors should thus verify the terms of any such offers prior to participating in them. The author and its publisher disclaim responsibility for updating information and disclaim responsibility for third-party content, products, and services including when accessed through hyperlinks and/or advertisements on this site.
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