How the calculator finds your payoff date
Each monthly payment first covers that month's interest (balance × annual rate ÷ 12), and the rest pays down the balance. The calculator repeats this until the balance reaches zero, which gives the number of payments left and the total interest.
Example: €6,500 left at 4.5% with €220 a month is 32 payments and about €400 of interest. If the payment doesn't even cover the month's interest, the loan never ends: the calculator tells you.
Several loans? Start with the most expensive
The “avalanche” method means paying the minimum on everything and putting every extra euro on the loan with the highest rate. It's the approach that costs the least interest overall. To find those extra euros, a monthly budget is the best place to start.
Frequently asked questions
How do I find out how much I still owe?
It's on your amortisation schedule, in your online banking or on your annual statement. You can also ask your lender.
Is the calculation exact?
It's an estimate based on fixed monthly payments and a fixed rate. Insurance and any fees aren't included. For an exact figure, check your amortisation schedule.
Is paying off faster always worth it?
Paying more each month shortens the loan and cuts the interest, especially on high-rate debt like credit cards. Check your contract's terms first (early repayment fees) and keep an emergency fund.