Debt Repayments

This calculator assumes a fixed interest rate on the debt, monthly compounding, and regular repayments. It also doesn’t take into account potential minimum repayments from the lender.

Try increasing the amount you put in the ‘monthly payments’ section and watch what happens to the ‘total amount paid’. As you increase repayments, you not only pay off the debt faster, you also pay less interest overall because there’s less time for the debt to compound.

Debt can be tricky to manage, but there’s no shame in reaching out for help. Financial counselling is a free service offered by a range of not-for-profit organisations that can help you come up with a strategy to tackle debt. They can also help you to negotiate better terms with creditors and refer you to other services like accountants or lawyers if needed. Check out the Money Smart government website for more info.