When will I be debt-free?

Your expected end date depends on what you still need to repay, the interest rate, and how much you pay each month. Do you have multiple loans? Then where your extra money goes and whether you roll over freed-up monthly amounts also matters.

By looking at these details together, you can see when the loans in your plan are expected to be paid off.

What information do you need?

For each loan, collect your current outstanding balance, interest rate, and monthly payment amount. Also note when the next payment takes place and what extra amount you want to contribute.

Use the amount you still have to repay now. The original loan amount is only useful if you also know the full payment history and interest terms.

Include all debts you want to pay off. For example, if you leave your mortgage out of the calculation, the result will be the end date for the entered loans. You won't automatically be completely debt-free.

Why can't you just divide the debt by your monthly payment?

With an interest-free debt without fees, that can be a useful start. But with a loan with interest, part of your monthly payment goes towards interest. Only the remaining part reduces your debt.

With a debt of €10,000 and €200 per month, you end up with 50 payments without interest. With an 8% nominal annual interest rate, that would be 62 payments in our example. The final payment will be smaller than €200.

We calculate here with 8% / 12 monthly interest, payment at the end of each month, and no additional costs or interest changes.

What changes if you pay more?

With the same €10,000 outstanding balance and interest, 38 payments are needed at €300 per month. At €400 per month, there are 28.

So a higher amount can make a clear difference. First, check if it fits your expenses and emergency fund.

Do you also want to see the interest savings? View the detailed example of making extra repayments.

How does it work with multiple loans?

Every loan has its own progression. If you only pay the regular installments on the others after finishing one loan, your total monthly payment will decrease.

If you roll over the freed-up amount, you can repay the remaining loans faster. This can bring your end date forward.

Your repayment order also plays a role. Read more about which debt to pay off first and rolling over monthly payments.

How certain is the end date?

The result is an estimate based on the data you use. Your actual end date can change due to a different interest rate, missed payment, extra repayment, new withdrawal, or fees.

The calculation method also matters. A lender may calculate interest daily or process it on a different date. Therefore, compare the result with your current loan statement.

Suppose your monthly payment is not enough to cover interest and fees. Then your debt will not decrease, and there is no feasible end date with that amount. A useful calculation must clearly indicate this.

What if you don't know your remaining balance?

First, request a current statement from your lender. That is the best basis.

Sometimes you can make an estimate using the starting amount, the interest rate, the first payment date, and all payments thereafter. This estimate is only accurate if extra repayments, changes, and fees are also included. A start date and monthly payment amount alone are not enough for a reliable outcome.

Make your end date a tool

Use your expected end date to compare choices. What happens with an extra €25? What if you can pay less for a month? And what changes as soon as a loan is finished?

You can also break a large goal down: first finish one loan, then the next. When changes occur, check again whether the plan still fits.

Don't have an overview yet? Start with paying off debt in six steps.