This calculator will help you model your repayments and find out the date when you become debt free. Simply list all your credit cards or hire purchase details into the entry table, hit the Refresh button. It will tell you straight away your debt free date.

Our calculator can also be used for other types of loans with variable repayments option. It means payments which you can freely change in each period. Personal loans usually have fixed amount that can be changed only after an agreement with your bank or credit line provider.

On the other hand, credit facilities like credit cards or hire purchases allow you to flexibly adjust monthly payments as it suits you. The only rule here is that the minimum payment must be either 2% or 3% of the outstanding balance.

Debt Free Date Calculator in ExcelWith Our FREE Excel Debt Free Date Calculator you will be able to do all these things above and much more!

Download Free Version: click here

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This calculator empowers you to easily model your repayments. Increase or decrease them and see instantly what effect this will have on your final debt free date.

It allows you to go into the past as well. However, the easiest way is to start from the current date and work out your way moving forwards. This is easy for Credit Cards. To find out the current outstanding balance on your Credit Card, just log on to your internet banking and check the balance there. Easy as that!

However, there is often a problem with Hire Purchases. If your Hire Purchase provider is sending you monthly statements then it’s easy. You will find the outstanding balance there. But there are some credit providers that don’t do that.

To help you in this case you can use one of our other calculators, for example Excel Calculator: Multiple Loans Repayments Schedule & Planner.

Simply enter original start date of your loan, interest rate and the number of loan periods (number of repayments). The calculator will then produce amortization schedule. Find the row with current date and see what the actual outstanding balance is.

To sum it up – before you start using this Excel Calculator, you will need the following details:

  1. Number of Loans, Credit Cards or Hire Purchases
  2. Current Outstanding Balances for each credit facility
  3. Interest Rates for each credit facility
  4. Payment Frequency (weekly, fortnightly or monthly) for each loan

That’s it. If you have all of this, simply type it in and get your debt free date, instantly.

Benefits and things you can do with it:

Generate Combined Repayment Schedules for multiple loans

Easy and Quick way to find out Your Debt Free Date

Model your Repayments to suit your Income or Budget

Split the Repayment Amount into Principal and Interest

Know exactly how much Principal you Owe for Each Loan at any time

Know exactly how much principal you Owe in Total at any time

Plan your future Cash Flow

Designed especially for Credit Cards and Hire Purchases

Ability to use it basically for Any Type of Loan

Can be used for Mortgages with Variable Repayments

Payment frequencies: Weekly, Fortnightly and Monthly

Ability to process 30 Parallel loans at once

8000 Repayment Periods available

15 Year Schedule for weekly repayments (10 lines of credit)

30 Year Schedule for fortnightly repayments (10 lines of credit)

65 Year Schedule for fortnightly repayments (10 lines of credit)

Individual Interest rate (p.a.) for every loan facility

Past or Present Start Date for each loan

Recreating Amortisation Schedules for already running loans

Double check your Bank’s Calculation – is she cheating on you?

Yes, this is all you can do with our Excel Calculator! And you won’t find it anywhere else. And the best part – it’s completely FREE. Just enjoy it and get rid of the crunching debt sooner and easier than ever. Take control of your financial affairs back into your own hand!

Once you keyed in all the data and clicked the Refresh button to recalculate the results, you’ll get results in the following output formats…

Calculator’s Results:

Individual Outstanding Balances Charts

 Combined Outstanding Balance Chart

 Detailed Amortization Schedule for each credit facility

 Monthly Repayments Calendar (can select multiple periods)

Few Tips How to Use this Excel Calculator:

  1. Enter realistic repayment amounts
  2. If you are getting nonsensical results, it’s likely that your nominated repayment amount doesn’t cover even an interest. Increase it and hit the Refresh button to recalculate.
  3. Keep the entry table tidy. If you have let’s say 4 credit facilities, clean all rows below (as in our default example). Otherwise the Calculator may not work properly.
  4. If you have too many loans with short repayment frequencies and long total loan term (i.e. 5 loans with weekly repayments on 10 years term) then check the total number of periods for all loans combined. If can’t exceed 8000. This calculator has 8000 periods as its combined upper limit (this can be extended on request).

User Manual

For the user manual please check the article Excel Calculator: Multiple Loans Repayments Schedule & Planner. The structure and the way to use both calculators is basically the same.

Do you like this calculator? Or have any suggestions for improvement? Please let us know. We would love to hear your feedback! Just write it in the comments section below.

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