Handy List of FREE Debt & Credit Calculators

Every good money manager or financial steward needs a handy list of FREE calculators to use when planning, especially, when it comes to understanding the cost of debt, or creating a plan to eliminate it.

I’ve been thinking about writing a post for a while that includes a good sample of some of the better credit and debt calculators available on the internet today.   Well, here it is!  I hope this post will be a helpful to you, or bookmarked in your favorites for future use.

Note:  this isn’t a unique list.  Some of the calculators are used for the same purposes, but may be slightly different or offered on a different website.  Regardless, I think these are all good tools.

Debt and credit calculators

Debt Credit CalculatorsCrown Financial Ministries provides several debt and credit calculators worth mentioning.

The Credit Card Minimum Payment Interest Calculator shows you how much interest you will end up paying if you make only the minimum required payment on your credit card bill

The Fixed vs. Minimum Payment Calculator will show you how much interest you will end up saving if you start making fixed payments on your credit card rather than the prescribed minimum payments

The Debt Pay off Goal Calculator tells you how much you need to pay towards your debt each month to pay it off by a certain date in the future.  It also tells you how much interest and how many payments you will pay between now and the pay off date.

The basic Debt Calculator estimates how long it will take to pay off any debt and the interest you’ll pay each month.

With the Debt Investment Calculator you can add an extra payment to your debt.  It will show you how much quicker you’ll pay it off and the savings in interest charges.  The savings is translated into a guaranteed, tax-free, average annual return on your money.

The Accelerated Debt Payoff Calculator shows you how much money and time can be saved by using the rollover or snowball method (smallest balance to largest) of paying off your debts.

YahooFinance has a calculator that tells you how long it will take to pay off your debt.  There is also a calculator, how long until my loan is paid off, that will help you determine how much longer you will need to make regular payments in order to pay off your debt.

CNNMoney provides a Debt Reduction Planner that tells you how long it will take to become debt free and how much you’ll pay in interest by only making minimum payments.  You can also use a fixed number to pay on your debt and see the results.  You can also include when you would like to pay off the debt and see the payments you’ll have to make to reach that goal.

Bankrate provides a debt calculator that will tell you how long it will take to pay off your debt.  You can either enter your minimum payment or the desired months in which you want to have the debt paid to see the results.

If you want to know the amount of debt in relation to your income, you can use Bankrate’s Debt to Income Ratio Calculator.  Lenders use the debt to income ratio when deciding whether or not they will lend you money or extend credit.  It’s also a good measure to see how much debt you’re managing in your monthly budget.  The lower the better. Note: the calculation includes your mortgage payment.

MSNMoney also has a Debt to Income Ratio Calculator.  This particular calculator asks specific questions to help insure you include the appropriate debt in the calculation.  For example, it asks the question: do you have student loan payments?  If so, you’ll include the monthly payment in your debt to income ratio.

DebtGoal is an online service that is one of the more robust debt calculator tools I’ve come across.  It provides the option of either paying off debt by highest interest first or by lowest balance.  DebtGoal includes much more than just a debt calculator and payment plan.  Read my review of DebtGoal to learn more.

Debt calculators recommended by other personal finance bloggers

I recently tweeted others requesting a link to their favorite debt calculators.  Here are a few I received.

Do you have a favorite debt calculator?  If so, please share it with us in the comments.

About Jason Price

Jason Price is a family man saved by grace, passionate about faithful financial stewardship (1 Cor 4:2 NIV), soccer and the Pacific sun.

  • http://www.crown.org Lee Holcomb

    Jason, thanks for posting the links to the Crown calculators. Thanks for the props my friend.

    Lee @ Crown

    • Jason

      Lee, you’re welcome. Crown.org has an excellent resource section. Thanks for dropping by and commenting.

  • http://debtgoal.com Scott Crawford


    Thanks for the kind words about DebtGoal. We keep working to make a good application for folks. Thanks for telling people about it.

    Scott Crawford

    • Jason

      Scott, thanks for stopping by and commenting. Keep up the great work!