Free Debt Payment Calculator

Enter details on your debt to find out how long it could be until you're debt free.

Debt Balance

Debt Interest Rate

Monthly Payment
Insert the total monthly amount you can afford to put toward all of your monthly debt.

Need to pay off credit card debt? Trying to put an end to student loan repayment? If so, you probably want to know your best, or quickest, path to debt relief. There are a few ways to get there, and our Debt Repayment Calculator will show you how!

How to Use the Debt Calculator

All you need to do is plug in the balances and interest rates for each of your debts (not including mortgage debt) and the amount of money you can afford to put toward them each month. Then, click Calculate Your Savings, and voila! The calculator will tell you how long it will take you to be debt-free using five different debt repayment strategies and how much you could save in interest with each. You can also download the report for future reference.

Need further debt help or want to discuss your Debt Repayment Calculator results?
We’re here for you.

Minimum Payment Method

By making just the minimum payments on your debt, it will take you over years to pay off your debt and you will pay over in interest charges. This is extra money you will pay which doesn’t go towards paying off the actual debt you accumulated. (Ouch!)

Snowball Method

You have to pay towards your debt every month. You decide to focus on paying down the debts with the smallest balances first, while continuing to make minimum payments on your other debts.

Using this method, it will take you years to pay off your debt and you will pay in interest.

Using the snowball method of debt repayment, you may be able to pay off credit card debt faster than you would with the avalanche method. However, you might end up paying a bit more in interest with this repayment plan.

Avalanche Method

You have to pay towards your debt every single month. You decide to focus on paying down the debts with the highest interest rates first, while continuing to make minimum payments on your other debts. You minimize your interest charges by attacking those high interest debts first.

Using this method, it will take you years to pay off your debt and you will pay in interest.

Using the avalanche method of debt repayment, you can save more in interest than you would by using the snowball method; however, it might take you a bit longer to see that first loan or debt balance paid off in full.

Debt Consolidation Loan

You have to pay towards your debt every month. You have a good credit rating, so you're able to get a debt consolidation loan from your bank with an annual interest rate of 8%. You pay off your debts with the debt consolidation loan, then pay towards that loan every month.

Using this method, it will take you years to pay off your debt consolidation loan and you will pay in interest.

Credit Canada's Debt Consolidation Program

Your credit rating isn’t great, so your bank turns you down for a debt consolidation loan. You meet with a certified non-profit credit counsellor at Credit Canada and they set you up on a Debt Consolidation Program with a monthly payment of .

Using this method, it will take you 4 years to pay off your debt and you pay no interest.

	Minimum Payment Method	Snowball Method	Avalanche Method	Consolidation Loan (8% APR)	Credit Canada's Debt Consolidation Program
Monthly Payment:
Years to Payout:
Total Interest Paid:
					Get Started

Method	Years to Payout
Minimum Payment Method	0
Snowball Method	0
Avalanche Method	0
Consolidation Loan (8% APR)	0
Credit Canada's Debt Consolidation Program	4	Get Started

*Minimum payment is calculated at 2.5% of the outstanding debt balance at the time of payment.
**Calculation based on 8% annual interest rate. Actual interest rate may vary.
†Calculation based on 0% annual interest rate. Actual interest rate may vary.

Minimum Payment Amortization Fixed Payment Snowball Amortization Avalanche Amortization Consolidation Loan Amortization Debt Consolidation Program

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	Payment:	Interest Paid:	Principal Paid:	Balance:

	Payment:	Interest Paid:	Principal Paid:	Balance:

	Payment:	Interest Paid:	Principal Paid:	Balance: