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Best Debt Payoff Calculator for Different Debt or Income Scenarios

Elizabeth Johnson

Financial Advisor
Updated: 07/2019

Debt Calculator

The key to getting out of debt is sound financial planning. Unfortunately, the math needed to plan your finances can be tricky. After all, there’s so many different factors and variables to account for.

That’s why we put together this list of some of the best debt calculators on the market today. This guide covers all manner of debt calculators. Each section will explain how you can use that type of calculator to better understand your debt and your options. Use these tools to plan your way out of debt and to a better financial tomorrow!

Debt Snowball Calculator

Debt snowball is a popular method to pay off your debt quickly. This strategy works by prioritizing which debts to pay off first. The snowball strategy aims to pay off your smallest balances first. Then you use the money that had been going to those smaller debts to make extra payments on your next smallest account.

This process repeats itself. Each time you pay off an account you’ll have even more money available to pay off the next one. By the time you get to the last of your accounts you’ll be able to make huge payments to cover the debt quickly. When people ask how to pay off debt fast this is our first answer though it may not be the quickest.


NerdWallet is one of our favorite debt snowball calculator sites. The interface is easy to use. One helpful feature is that you can name each account you enter into the calculator. That makes it easy to keep track of the accounts. It also makes it simple to understand which debts you should focus on first.

The NerdWallet calculator can handle any kind of debt. You name the account, say what kind of account it is, list your remaining balance, the interest rate, and minimum payment. Then you just press calculate and the tool does the work for you. That makes it an easy tool to use while still offering tremendous power to help you get out of debt.


The Crown debt snowball calculator is run by a 501c3 nonprofit organization. It works in a similar fashion to the NerdWallet calculator. There are a few differences though. First, the Crown calculator doesn’t let you indicate what kind of account each entry is. Also, you need to order the debts from smallest to largest when you’re inputting them. That means it’s a bit more work for you compared to NerdWallet. However, it’s still incredibly helpful in showing you what debts to target first to get the best results. has lots of different calculators for all needs. However, their financial calculators are extremely helpful tools. Their debt snowball calculator takes the principal balance, interest rate, and payment amount for each debt. You can also label each debt account. It then shows you the interest cost and the number of payments left for each debt.

You can use this tool to play around with different payment amounts on your debt. It will let you see how the different payment amounts affect the total amount of money you’ll pay. That means you can use it as a tool for long-term financial planning. You can also check to see if the debt snowball method is the best option for resolving your debt.

Debt Calculator

Debt to Income Ratio Calculator

A debt to income ratio calculator, or DTI calculator, is extremely important for people who want to apply for a mortgage or other large loan. Lenders want to ensure that you’ll have enough money to cover your new debt plus your current obligations. A DTI calculator lets you see how your DTI stacks up relative to a lender’s requirements. You can use this information to manage your debts to improve your DTI and get a better deal on your mortgage.

Wells Fargo

We really like the flexibility that this DTI calculator offers. Wells Fargo does a good job of making the process of figuring out your debt to income ratio as simple or as through as you want. That’s because of the way the calculator is set up. You can choose to simply put in your annual income before taxes and your total monthly debt payments to get a result. You can also choose to itemize your debts so you can be sure to get the most accurate results possible. 


 The BankRate calculator can provide you the same information as the Wells Fargo calculator, but it uses a slightly different approach. Instead of looking at annual debt and income, the BankRate calculator uses monthly figures. You enter your recurring monthly debt and your gross monthly income. The calculator then gives your debt to income ratio. This can be a simpler process for many people. That’s because you usually know your monthly information by heart, but totaling up annual income an debt can be a hassle.

This is the best DTI calculator for people with more complex finances. That’s because it includes many more inputs for information. For example, you input your monthly gross income, your spouses monthly gross income, and other monthly income. Then there are more inputs split into two categories, front end ratio inputs and back end ratio inputs. The front-end inputs include all of the costs associated with your current home. These include your rent or mortgage, second mortgage, home insurance, and HOA fees.

The back end covers other types of debt obligations, like vehicle payments, loan payments, student loan payments, minimum credit card payments, and other monthly payments. Then breaks this information down into helpful categories so you can better understand your debt obligations. It shows you your total income, housing costs, front-end debt ratio, monthly payments, and back-end debt ratio.

Debt Calculator

Debt Repayment Calculator

Debt repayment calculators are helpful to understand how long it will take you to cover your debts at different payment rates. They also show you how much interest you’ll pay overall. That means you can use these tools to ensure you get the fastest debt payoff while saving the most money on interest payments. As a result, they’re a powerful tool for your long-term financial planning.

You Can Deal With It

This calculator is a powerful tool for seeing how different payment amounts will affect an individual debt. You can see what your total debt payment time and interest cost will be based on your current payments. You can also see this information based on different amounts of additional monthly payments. That lets you plan your budget to quickly eliminate your most expensive debts. As a result, it’s an excellent tool for people interested in using the debt avalanche method of debt repayment.

Financial Mentor

Financial Mentor has a lot of great calculators to help you with financial planning. Their debt repayment calculator has one of the simplest interfaces to use. You input the balance owed, the APR, the regular monthly payment, and then one-time lump sum additions to the next payment. The calculator then generates your current payoff term, your new payoff term, your time saved, your original interest cost, your reduced interest cost, total interest savings, and the return on investment for a one-time payment.

This last aspect is especially helpful. The return on investment features helps consumers understand exactly how much they’re saving by making larger payments on their debt. That can make it easier to understand the benefit you get from making extra payments. As a result, you’ll be more motivated to stick to your budget and make extra payments.


The BankRate debt payoff calculator is a bit more sophisticated than the other entries in this category. However, it is also extremely powerful. That’s because you can enter all of your different debts into the calculator. That includes credit card debt, auto loan debt, and other installment debts.

The calculator then shows you different options to pay your debt down. It’s especially useful if you want to see how much you’ll save on your debt based on your current payments compared to a consolidation loan. Additionally, the calculator allows you to input information using text boxes or sliders, which can make seeing the different aspects of debt make more sense to people using the tool.

Debt Calculator

Cost of Debt Calculator

One of the most important considerations for long-term financial planning is understanding the cost of debt. After all, when you borrow money you don’t only repay what you borrow. You also pay back interest. That’s how lenders and creditors make a profit lending you money. However, you need to understand how much you’ll actually be paying when you borrow money.

Cost of debt calculators give you this information. That helps you determine if it’s actually worth it to borrow money or take out a new line of credit. Cost of debt calculators are also useful for investors. They can use these calculators to see how much money an investment will generate compared to the debt it will cost to fund the investment. That allows them to ensure their investments are profitable.


This calculator offers an incredibly straightforward and easy-to-use interface. You simply set the current balance owed, the annual interest rate, choose fixed or declining minimum payments, and the return on the investment. Then it calculates the cost of the debt.

The output includes the months to pay off debt, total interest cost, foregone interest earnings, and the difference between borrowing and saving. This means you can make smart financial decisions regarding your investments. You can see if you’ll make more money by taking out debt or by saving the money needed for your investment.

Schwab Moneywise

The Schwab Moneywise calculator is a simple buy powerful tool to understand how much your debt will cost you over repayment. You enter in your credit cards, the balance, APR, and monthly payment on each. Then you enter in the information for your other loans. You can add as many credit cards and loans as you need.

Once you’re down you can calculate results to see the total interest cost. That means you can see the real impact that your debt will have on your lifetime finances. As a result, you can manage your money to maximize your lifetime net earnings and minimize the amount of money you owe in debt.

 Schwab’s tool is also helpful because it shows you how much time it will take you to pay off your total debt. You can use this information to structure your budget and financial goals. You can also tweak the numbers you enter and see how much additional payments to your debts will reduce the amount of time it will take you to be debt free.

Merrill Edge

This tool is designed to be flexible, so it can cover all kinds of different debt structures. You enter the total amount you borrowed or plan to borrow, the frequency of your loan payments, the stated APR, and the term of the loan in years.

Additionally, this tool takes other things into account. Specifically, you can enter the cost of things like origination fees or points on the loan. Once you enter all of this information you can simply hit submit, and the calculator will tell you how much the loan will cost you over repayment. This is a good tool for people looking to understand the cost of debt for their personal finance, rather than investments. It’s also a good tool for people that want to compare different loan options to ensure they’re getting the best deal.

Debt Calculator

Credit Card Debt Calculator

Credit card debt is one of the biggest sources of debt in the country. It ranks third behind mortgage debt and student loans. That means getting a handle on your credit card debt is essential to smart financial planning and decision making.

These credit card debt calculators let you see how different payment amounts affect the length of time it will take you to pay off your credit card debt. You can use this information to find a sweet spot between extra payments and your budgetary planning.

Financial Mentor

Another great tool from Financial Mentor. This calculator takes the balance owed and the APR on your credit card. Then you can choose between your minimum payment percentage, along with different options for that percentage, or a fixed payment you can make each month.

Once you enter this information, the calculator tells you the results. These results include the months and years until payoff and the total interest paid. It also shows you the principal paid. You can use this information to enter different payment amounts to find your best option for getting out of credit card debt.

Another great feature of the Financial Mentor credit card debt calculator is that it allows you to create a payoff amortization schedule. As a result, you can see how much you’ll pay on your card each month. This lets you set a predictable budget specific to each month well in advance. That kind of financial planning is the key to getting out of debt quickly.

Capital One

The Capital One credit card debt calculator is extremely simple and easy to use. You enter the balance amount and the APR for the card in question. You can then choose between seeing results for the monthly payment amount of time to pay down the balance.

One of the best features of the Capital One tool is that it allows you to enter any annual fees that you have on the credit card. That’s important, as these fees can add up. It’s also important because when a calculator fails to take these fees into account then you won’t be getting accurate information about your payoff date or an accurate amortization schedule. That’s why the Capital One credit card debt calculator is one of our favorite tools in this category.

This credit card debt calculator is one of the easiest to use. You enter your current balance, interest rate in APR, monthly charges, and your desired months to pay off the card. It will then tell you how much you’ll need to pay every month to meet your goal. It presents these results in standard number form as well as in the form of an amortization table.

You can also enter your desired monthly payment for the card. If you do this, then you’ll be able to see how long it will take you to pay your card off at that rate. This can be an important financial planning tool for people on a fixed budget or that aren’t sure they’ll be able to make lots of extra payments on the card. It’s also an excellent tool for people that want to see how they can pay off their credit card debt by a specific end date.

Debt Calculator

Student Loan Debt Calculator

Student loan debt works a bit differently from other forms of debt. That’s because student loan debt is usually deferred while you’re enrolled full time in college. As a result, the payment schedule for student debt is different than it is for other kinds of debt, where you need to start repaying the debt immediately.

Student loan debt is the second largest source of debt in the country. Mortgages are the only other source of debt that’s bigger. As a result, it’s important to understand how student loan debt will affect your debt obligations and your finances. It’s also helpful to see how different payment schedules can help you save money on interest and get out of student debt faster.

This calculator has everything you’d want in a student loan debt calculator. You enter the loan balance, interest rate, any loan fees, the term of the loan, and the minimum payment. Users also enter their enrollment status, degree program and total years in college. The calculator then generates all the information you’ll need to understand your student loan payments.

One of the best features of the calculator is that you can print a payment schedule. This allows you to see what your payment will be every month. You can tweak the inputs to determine what the best course of action is to get out of student debt as quickly as possible.

 Student Loan Hero

This is the best place we’ve found for student loan debt calculators. The site we’ve linked to is a list of all of the different calculators that Student Loan Hero offers. This is important because there are so many different repayment programs for student loans. That means you’ll want to be sure to use the right tool to see how student loans will affect your budget.

The calculators available include a prepayment calculator, a refinancing calculator, a refinancing vs debt consolidation calculator, an income-based repayment calculator, and income contingent repayment calculator, a pay as your earn calculator, revised pay as you earn calculator, a monthly payment calculator, student loan interest calculator, student loan comparison calculator, a deferment calculator, a public service loan forgiveness calculator, an interest deduction calculator, a weighted average interest calculator, a debt to income calculator and a lump sum extra payment calculator.

As you can see, that’s a huge list of tools. You need them all if you’re going to truly understand the cost of your student loans. With so many different payment options, student loans can be one of the most complex financial products to tackle. Student loan hero makes it easy to compare different repayment methods so that you can find the option that works best for you without breaking your budget.

No one wants to stay in debt. The best way to get out of debt quickly is with smart financial planning. These tools make it easy to do the math. As a result, you can see the different ways to get out of debt quickly. You can also use these tools before you take out a loan or make a large purchase on your credit card. They’ll help you understand the true cost of your loan or purchase. This lets you ensure that the new debt is worth what you’ll pay for it.

Don’t let tricky financial math keep you locked into debt. Use these free tools to figure out the best way to get out of debt as soon as possible!


If you're looking at debt calculators, you might be confused about some of the different calculations. While there are plenty of online calculators to use – you can also do the calculations yourself if you know what you're looking for.

We receive a lot of questions about debt calculations. We'll explore some of these common questions and their answers in more detail below!

Ratio Calculator Questions

In this section, we'll take a look at some of the FAQs we receive about ratio calculations.

How to calculate debt to income ratio?

To calculate your debt to income ratio you should add up all your monthly liabilities (mortgage payments, credit card payments, debts, student loan payments etc.) and divide it by your gross monthly income. This is a good way to get a better understanding of your financial health.

How to calculate debt ratio?

Debt ratio measures your current assets against your current debts. Take your total debts and divide it by your total assets. This is another way to get a clear understanding of your current financial situation.

How to calculate debt to equity ratio?

If you want to get a clear understanding of a financial situation, you can calculate a debt to equity ratio. To calculate this ratio, take your total debts and divide them by your total equity.

How to calculate debt to asset ratio?

To calculate your debt to asset ratio, take your total debts and divide them by your total assets.

How to calculate debt service coverage ratio?

To calculate a debt service coverage ratio, you need to compare your cash flow against your total debt service. Debt service is the amount of money it takes to service your debt. To calculate the ratio, simply take net income and divide it by your total debt service.

How to calculate debt to income ratio for VA loan?

To calculate the debt to income ratio for a VA loan, you need to take all of you monthly debt payments or obligations (such as car loans, student loans, or credit cards) and divide it by your gross monthly income.

How to calculate debt to credit ratio?

Your debt to credit ratio is effectively your credit utilization. If you want to calculate this ratio, take your total credit card debt and divide it by the sum of all your credit limits. Credit score companies use this as a major factor in determining your score. If you're trying to decrease your debt but have a lower score then there are debt consolidation programs for bad credit.

How to calculate total debt ratio?

To calculate your total debt ratio, take your current debts and divide it by the sum of your current assets. It can help you assess financial viability.

How is debt to income ratio calculated for FHA?

FHA typically calculate debt to income ratio in the same way most lenders do. Add up all of your current monthly liabilities (such as loan payments, student debt payments, etc.) and divide it by your gross income.

How to calculate personal debt to equity ratio?

To calculate your personal debt to equity ratio, take your total debts and divide it by your total personal equity. This is a solid way to get a deeper understanding of your personal financial situation.

How to calculate debt ratio from balance sheet?

If you want to calculate the debt ratio from a balance sheet, you can find your total liabilities and total assets on the balance sheet. You then divide your total debts by your total assets. It's an excellent way to ensure that your business is in good health.

How to calculate debt equity ratio for banks?

If you're looking to calculate your debt to equity ratio for a bank, you should speak to them about their exact ratio requirements. Most will require you to divide your total debts and divide them by your total equity.

How to calculate debt to income ratio for loan modification?

Debt to income ratio for a loan modification will typically be calculated the same way that regular debt to income ratios are calculate – though you should make sure to confirm this with your lender. Take your total monthly debt obligations (mortgage payments, rent, student loans, etc.) and divide it by your gross monthly income. This will help a lender decide if you're eligible for a loan modification.

How to calculate debt ratio accounting?

To calculate debt ratios, you typically take the total value of debts and divide them by the total value of assets.

How to calculate debt to income ratio for personal loan?

Most personal loan providers will calculate debt to income ratios in the same way other lenders do – using a formula that factors in outgoing debt costs and income. Take your total monthly debt servicing costs (such as car loan payments, student loan payments, mortgage payments etc.) and divide this by your gross income. Many personal loan companies use this to assess if you're a viable lender.

How do lenders calculate debt to income ratio?

Lenders will typically add up your monthly debt expenses (phone payments, mortgage payments, car payments etc.) and divide this by your gross income (before tax). This will then be used to help determine how eligible you are to borrow money from the lender.

How to calculate debt to net worth ratio?

To calculate net worth ratio, use the following formula: net worth (retained earnings) divided by total assets.

How to calculate cash flow to debt ratio?

To calculate the cash flow to debt ratio, you should divide operating cash flow by total debt. This can help you determine how viable a company is – cash flow is very important in maintaining operations.

How to calculate debt to income ratio in excel?

To calculate debt to income ratio in excel, Google different Excel spreadsheet formats that have the calculator in place. You can use these for free to calculate your debt to income ratio.

How to calculate debt to income ratio for auto loan?

To calculate debt to income ratio for an auto loan, use the same method you'd use for any other debt to income ratio calculation. Add up your total debt monthly debt payment obligations (credit card payment, car payment, phone payment, etc.) and divide it by your gross income. Auto loan providers will typically use this to help ensure you have the financial ability to pay back the loan.

What is considered debt when calculating debt to income ratio?

There are a wide variety of different debts that you need to include in a debt to income ratio. Auto loans, credit card payments, child support payments, student loans, and other monthly debt obligations are all included.

Mortgage Calculator Questions

If you're planning on taking out a mortgage, you may have some questions about mortgage calculators and calculations. Below we'll take a look at some of the common questions we receive about mortgages.

How do mortgage lenders calculate debt to income ratio?

Mortgage lenders calculate debt to income ratio using the same method as other lenders. They'll take your total monthly debt obligations (credit card payments, loans, student debt payments, etc.) and divide this by your gross income. They use this to see if you're eligible to purchase a home.

How is credit card debt calculated for mortgage?

This depends on the lender. Some may look at the gross amount of credit card debt you have, while others may be more concerned about your utilization. Ask your lender for clarification. Credit card payments will also be used to determine your debt to income ratio. If you are struggling in these areas then you can look into a debt relief program to help.

How to calculate debt to income ratio for mortgage?

Use the same method you'd use for any other type of loan. Add up your current monthly debt obligations (credit card payments, student loans, etc.) and then determine your income (without tax). Then divide your monthly debt obligations by your monthly gross income.

Other Debt Calculator Questions

If you haven’t found the answer you're looking for in the above section. Feel free to take a look at some of the other common questions we receive in this niche.

How to calculate bad debt expense?

To calculate your bad debt expense, use the formula: estimated % of bad debt x credit sales.

How to calculate cost of debt?

If you want to accurately calculate the cost of debt for yourself or your company, you need to find the total sum of interest you're paying on each individual debt. Then divide this value by the sum of all your debt.

How to calculate total debt?

To calculate total debt, simply add all your current debts together. Total debt is simply the sum of all your debts.

How to calculate after tax cost of debt?

If you want to calculate the after-tax cost of debt, take the interest rate of your debt and multiply it by [100% minus the tax rate].

How to calculate net debt?

To calculate net debt, take the sum of all your debts (liabilities) and subtract your assets.

How to calculate long term debt?

To calculate the total amount of long-term debt, add all your debt that matures over one year from the original date placed on your balance sheet.

How to calculate debt yield?

If you want to calculate debt yield, divide the net operating income by the loan amount.

How to calculate cost of debt using credit rating?

There's no definitive way to do this. Your credit rating will impact you interest rates, but the interest rates you are offered will depend on the lender you're working with. If you want to calculate the cost of your debt using your credit rating, speak to your lender about the type of interest rate they're willing to offer you with your current score.

How to calculate debt service payment?

This will depend on the type of debt that you have. If you have a traditional loan, you can typically calculate the debt service payment using P [ r ( 1 + r ) n ] / [ ( 1 + r ) n − 1 ]. This is effectively your monthly payment for your debt.

How to calculate provision for bad and doubtful debts?

This depends on the approach you want to take. There's not set formula. Companies will typically use the average amount of debt they write off to calculate the amount they will most likely need to write off in the future.

How to calculate bad debt percentage?

Calculating a bad debt percentage is much easier than it sounds. Simply take the total amount of bad debt and divide it by the total amount of debt. This will give you a rough idea of how much debt you'll need to write off.

How to calculate tax shield effect of debt?

All companies try and create a tax shield by claiming back a variety of deductions and expenses. While this helps improve business profitability, there's actually no real way to calculate your tax shield definitively. It will depend on a wide variety of factors.

How to calculate interest bearing debt?

To calculate interest bearing debt, you need to identify all of your debts that have interest rates attached to them. You then add them together to get the full amount of your interest bearing debt.

How to calculate bad debt write off?

To calculate the amount of bad debt write off, you simply need to determine the amount of bad debt on your balance sheet. If you want to determine the total ratio, you need to determine the bad debt and divide it by the total debt.

How do you calculate current portion of long-term debt?

The current portion of long-term debt is the amount of long-term debt that needs to be pay in the next 12 months. Add this total together to determine the full amount of current portion of long-term debt.

How to calculate cost of snowball debt?

Calculating the cost of snowball debt will depend on a wide range of factors. If you're using the snowball method to pay off debt, it's best to head online and use a calculator that can factor in the variety of different components associated with the snowball debt method. If you're looking to use a debt relief company to help with this then check out Freedom Debt Relief pros and cons for example.

How to calculate average interest rate on debt?

To calculate the average interest rate on your current debt, multiply all your debts by their individual interest rates. Then add these results together and divide it by your total amount of debt. There are also plenty of excellent online calculators that will help you do this.

How to calculate the cost of debt capital?

To calculate the cost of debt capital, use the following formula: Coupon Rate on Bonds (1 – tax rate).

How to calculate credit card debt?

To calculate credit card debt, add the total sums of all your current credit card balances. Many credit reporting bodies will look at the credit utilization on your report to determine your credit score. Though this also factors in your credit limits. Keeping your balances low is good for your credit score. Also seeking the help of a national credit card relief company can be beneficial.

How to calculate pretax cost of debt capital?

Because most cost of debt will be calculated after tax (it is often tax deductible), the pretax cost of debt capital is typically the raw interest rate associated with the lending.

How to calculate current maturities of long-term debt?

To find the current maturities of long-term debt, you need to find the amount of the principal debt that is being paid in the current year. This is looked at in windows of twelve months. 

How to calculate debt repayment?

There's no set formula for a debt repayment. This will depend on the type of loan that you have and the way that interest rates compound throughout the term of the loan. It will also depend on the frequency of your payments and the principal amount of the loan.

How to calculate after tax cost of debt on bonds?

While calculating the after-tax cost of debt on bonds sounds difficult, it's actually much more simple than you realize. To find the after-tax cost of debt on bonds, find the pre-tax cost of debt on bonds, and multiply it by (1 – tax rate).

How to calculate provision for bad debts in income statement?

This will depend on your particular business. It's essential to calculate provision for bad debts if you want to ensure your company can handle the amount of bad debts it has on its balance sheet. This requires complex risk analysis – it may be a good idea to speak to an expert.

Elizabeth Johnson

Elizabeth is an expert on Debt Consolidation as she provides helpful advice to people who are dealing with debt problems. She graduated college with a BS in Finance. After college, she took a job working at a non-profit debt counseling program. It was at this position where Elizabeth honed her expertise for helping people understand how different financial products work and finding ways to help people pay off their debts.