Debt Payoff Calculator Roundup!

Our all-time favorite debt calculators!

Debt Payoff Calculator Roundup

When you’re on a mission to pay off debt, there is nothing more inspiring, or motivational than progress. All you have to do is look at that shrinking balance and it gives you a charge. It revs you up to take some more money off of your balance next month. When you can’t see your way out of debt, or picture yourself debt-free, it helps to have a vision for when that final payment will take place and how long you have until then. When there is an end date in sight, it suddenly becomes much easier to keep pushing and grinding down that debt. All you need to get this pay-off date is a simple Debt Payoff calculator tool. You can use any debit payment calculator to come up with a timeline and goal, but these are the best ones that I’ve found.

Credit Karma’s Debt Repayment Calculator

The Credit Karma Debt Payoff Calculator shows you when you will be out of debt and/or how much you will need to pay to get there, depending on how you go about it. You can choose between the minimum payment or another regular amount to pay and get the pay-off date or start with when you want to be debt-free and get the payment amount you will need to pay in order to reach your goal.

Bankrate’s Calculator

This Debt Payoff Calculator is designed for saving you money on interest payments for consolidated loans. It aims to accelerate your debt payoff by applying the savings from consolidating your accounts with a fixed interest rate. Apply the savings on top of minimum payments to speed up the debt payoff process and calculate how quickly your debt will be gone.

Calculator.net’s Debt Payoff Calculator

This consolidation calculator helps you understand whether or not consolidation is right for you. Sometimes it’s a useful strategy, but not all the time. This calculator takes all the info from your current debts and calculates the combined APR after consolidation compared to the interest rates of the individual loans. If you are wondering whether the debt avalanche or consolidation will get you out of debt quicker, this is the tool for you. It even has a box for extra payments you’d apply on top of the minimum. So make sure you do your budget worksheets and your Debt Hit List before you get started on this easy-to-use tool.

Financial Mentors Debt Payoff Calculator

This debt payoff calculator could not be more simple. Just enter what you owe, the interest rate, and when you want it paid off. That’s it. The calculator takes those three entries and tells you how much you will need to pay each month. It also figures out how many payments you are going to have to make to get there. Another calculation it gives you is exactly how much you will be paying in interest. This is a great tool if you have the flexibility to modify your payments to bring down the amount you wind up paying in interest.

CNN Money Debt Free Calculator

This debt calculator CNN offers takes four pieces of information to calculate your payoff. Just enter the name of the debt (ie. auto loan), the amount owed, the interest rate, and the monthly payment. It then calculates when your debt will be paid off. It also has the option to add additional debts that you can calculate together. CNN’s calculator uses the simple method of adding the interest to the balance owed then subtracting the payment for the month. They repeat the process until the balance becomes zero and that is your timeline for becoming debt-free.

Do you have a favorite calculator that we didn’t include? We’d love to hear about it! Tell us which one it is in the comments.

P.S. If you like this post you’ll also like: Tricks to Beating Debt Payoff Burnout

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