- How is my debt-free date calculated?
- Interest is added to your balance each month at your rate divided by twelve, then your payment is subtracted. That repeats until the balance reaches zero, and the number of months is your payoff date. It assumes your rate and payment stay the same.
- Why does my lender give a different date?
- Most lenders charge interest daily rather than monthly, and some add fees or apply overpayments only at specific points in the cycle. Those differences usually move the date by a few weeks. Your lender's statement is always the authoritative figure.
- How much difference does paying extra actually make?
- More than most people expect, because every extra euro comes off the principal rather than the interest. On a high-rate debt an extra €50 a month often removes years, not months. Change the payment field and the date moves as you type.
- Do I need an account to use this?
- No. The calculator runs entirely in your browser and nothing is stored or sent anywhere. An account is only needed if you want Undebtor to track the balance over time and show the date moving as you pay.