Debt Free Calculator

Enter Your Current Debts Below

# Debt Name Balance($) Int. Rate(%) Minimum Payment($) Interest Cost # Payments Remaining
  Discretionary income [?]
Discretionary Income is any extra money you have available to help pay off your debts. In other words, how much extra are you able to pay towards your debts each month, over and above the minimum payments you listed in the table above? If you don't have any extra, leave this field blank.

Current Debt Plan Vs Accelerated Debt Plan

Balance($)Interest as % of BalanceMonthly Payment($) Interest Cost# Payments Remaining
Current Totals:
Accel. Totals:

Time and interest saving with accelerated debt payoff plan:

This calculator will show you how much money you can save and how quickly you can be debt free using the “rollover” method. The “rollover” method of becoming debt free consists of putting all available funds toward one debt until it is paid off. After the first debt is paid, you put all available funds toward the second debt until it is paid off, and so on. The process continues until all of your debts are paid off.

The Debt Free Calculator will show you how powerful focused effort can be toward eliminating your debts. By focusing all your resources on one debt at a time, you can save enormous amounts of time and money and become debt free much faster than you would otherwise. Check out our article on the rollover method of debt reduction to learn about the inner workings of the Debt Free Calculator.

Debt Free Calculator Instructions

  1. Enter the balance, interest rate, and minimum payments of up to 10 separate debts in the fields provided. Do not fill in the columns labeled “Interest Cost” and “# Payments Remaining” as those will be calculated for you.
  2. Next, fill in the “Discretionary Income” field. Include in this field any extra money you have available per month, over and above your minimum payments, that you can pay toward your debts.
  3. Once you’ve filled in the balance, interest rate, minimum payment for your debts, and your discretionary income, press the Go! button to get your results.

How to Read Your Results

  • Your summary results are displayed in the bottom section of the form entitled, “Current Debt Plan Vs Accelerated Debt Plan.”
  • The first row labeled, Current Totals displays your summary results making minimum payments on your debts.
  • The second row labeled, Accel. Totals displays your summary results under the accelerated debt free plan. If you aren’t familiar with how the Accelerated Debt Free Plan works, check out this article for a brief tutorial.
  • Balance – This is the total amount of your debts and will be the same under both repayment plans.
  • Interest as % of Balance - represents the percentage of money borrowed that is paid in interest. For example, if your outstanding debts total $150,000 and, over the course of repayment, you pay $150,000 in interest, “Interest as % of Balance” would be 100% because the amount of interest you will pay is equal to the amount borrowed.
  • Monthly Payment - is the total of your monthly debt payments. The Accel. Totals monthly payment will be greater if you included discretionary income from Step 2 above.
  • Interest Cost – This is the total amount of interest you will pay over the life of your debts and most people think it’s surprisingly high, but trust us, it is 100% correct.
  • # Payments Remaining – This is the total number of payments, or months, you have left to pay on your debts.
  • The very last row, labeled, “Time and interest savings with accelerated debt payoff plan” shows you how much time and interest you will save by using the Accelerated Debt Payoff Plan as opposed to making minimum payments.

The Last Two Calculator Buttons

You’ll notice there are two more buttons at the bottom of the Debt Free Calculator labeled, “View Monthly Pymt Schedule,” and “View Yearly Pymt Schedule.” These two buttons will show you amortization schedules for the Accelerated Debt Payoff plan so you can see how your payments, balances, and interest costs are affected by the plan. The two buttons allow you to chose to view the amortizations schedules by month or by year.

Javascript Required

Last, but not least, you must have Javascript enabled on your web browser in order to properly utilize the Debt Free Calculator as it is. Don’t worry, the vast majority of internet users already have Javascript enabled, but if you find that the Debt Free Calculator isn’t quite working as expected, you’ll want to check your Javascript settings on your web browser. Here’s a quick how-to on how to check Javascript settings on most web browsers.

Other debt calculators on the web

If you are in the UK this debt calculator may be useful.

13 responses so far ↓

  • 1 Paying Off Your Mortgage | Truthful Lending dot Com // Apr 11, 2008 at 7:12 pm

    [...] can help you on your way to calculating what’s best for you. Sources: 1. Calculated using the Free Debt Calculator 2. Based on $0 starting balance, compounded monthly Related Articles: -What’s the Point in Paying [...]

  • 2 Rebecca Yoh // Jul 4, 2009 at 1:53 pm

    How can I print the amoritization schedule for this program? I think it could be very helpful.

    Thank you,
    Becki Yoh

  • 3 Amy // Jul 10, 2009 at 12:43 pm

    Nothing happens when I hit “View Monthly Payment Schedule” and “View Yearly Payment Schedule”. I checked Java Script and tried it on two computers.

  • 4 John // Jul 14, 2009 at 8:33 am

    @Rebecca Yoh: You can’t print as of yet, but I’ll try to add that functionality soon.

    @Amy: Are you sure everything is filled out completely? I haven’t had any other reports of similar problems.

  • 5 Kelley Jewell // Aug 13, 2009 at 12:25 am

    Great calculator and article, how can I download this calculator to my computer? I don’t want to input this info to be accessible to the web.

  • 6 John // Sep 8, 2009 at 4:27 pm

    You can’t download the calculator to your computer. None of the info is saved, so it cannot be accessed by anyone else, not even me.

  • 7 Christina // Dec 3, 2009 at 6:50 am

    I have your debt to wealth program and the number for help is wrong. Is there another number I can call. I have some questions.

  • 8 John // Dec 8, 2009 at 1:20 pm

    What are you referring to? We don’t have any debt-to-wealth programs here.

  • 9 Rebecca Yoh // Mar 13, 2010 at 12:21 pm

    Any progress on the printing functionality?

  • 10 John // May 11, 2010 at 7:37 am

    @Rebecca: Nothing yet. We have plans to revamp these calculators and add that functionality, but it’s not quite at the top of our priority list yet.

  • 11 Michaela // Jun 2, 2010 at 4:05 pm

    I wish there was a print option too…I’ve been using “Snipper Tool” to capture 4 months at a time…

  • 12 Wayne // Jan 11, 2012 at 10:23 pm

    Can I down load rollover calculator

  • 13 John Martin // Jan 17, 2012 at 3:36 pm

    @Wayne. The calculators can only be used on this page.

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