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Estimated Debt Free Date

May 28, 2014

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After doing a bunch of searching around the internet and following the advice of some fellow PF bloggers {you know who you are, *cough, Debt Debs, cough* 🙂 } I finally plugged all of my debt info into a payment calculator that can be found here.


This calculator is an excel document and I found it very helpful. You can tell it which payment method you are using (snowball or avalanche) ir in which order you’d like to pay down your debts if you are doing your own method. It even calculates how much total interest you’ll pay based on your repayment plan.

I spent a couple of hours entering my all my debt info and messing around with the different payment methods until I decided how I’d pay off my debts. I detailed that plan in a past post.

The second tab shows a payment schedule for your debts and automatically applies the snowball to the next debt after one is paid off. There is also a column (highlighted in yellow) where you can add your snowflake payments as they change each month.


Using a combination of the snowball and snowflake methods along with a bit of the avalanche method, the calculator estimated that I will pay off all of my consumer debt by July 2017! In 38 months from now, I will be debt free! (besides my mortgage)

I hesitated for quite a while before calculating my debt free date because I was afraid of what the calculator would show me. I was afraid it would be so far away that I’d be discouraged. But as it turns out, knowing this date is actually pretty encouraging, especially considering this debt free date doesn’t take into account any extra I apply from tax returns and/or annual bonuses and I only projected my snowflake payments through the end of 2014.

Ideally, I’d like to be debt free before 2017, so I’m setting my personal goal debt free date in December 2016! If I can do that, it will speed up my 5 year plan somewhat, which is great!

What is your debt free date?

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22 responses to “Estimated Debt Free Date

  1. That is pretty neat, I may have to take a look at that calculator. I do get a little discouraged when I try and figure out when I’ll have my student loans paid off, but it’s nice to remember there are little bonuses that (should hopefully) come our way. Plus, we may be making more in a few years! I do think knowing an estimated date makes one more motivated, because you have something concrete to look forward to. I’m sure you’ll use that motivation to get there in 2016!

    1. EM – I understand how you could get discouraged but it is important to remember that you haven’t included the bonuses and income increases you’ll receive along the way. Plus if you make some side hustle income, maybe you can put that toward your student loans as well? Keep on keepin’ on! We’ll both get there eventually 🙂

  2. I love calculators and spreadsheets. I’ve looked at my debts in so many different ways and try to work out what else I can do to bring forth that date free date. Im pretty sure you’ll make that debt free date in December 2016. Now that you have one you’ll naturally do what you can to stay on track and work towards that goal. Without one it’s much easy to get side tracked. Good luck!

    1. Thanks DBC! I sure hope I can make it. It’s a loft goal and will depend on how much income I can make from side hustles for sure.

      Having a date in mind is nice, I like adjusting the numbers each month to see if I’m still on track or not. 🙂

  3. I think it’s awesome that you are aspiring to pay off your debt faster! My dream debt free date is Dec. 8, 2016. 4 years to the date that I started my blog. 🙂

  4. I remember my original debt free date was scheduled to be June 1 2013 but I managed to pay it off on Dec 21, 2012 so more than 6 months early. Congrats on setting your target date and we’re here to cheer you onward!

    1. Thanks Kassandra! I’m glad to hear that you were able to shorten the date by about 6 months, which is about the same amount I’m attempting to shorten it by too 🙂 Thanks for sharing!

  5. Wow, December 2016 isn’t really that far away. I have calculated my repayment in Excel, but I have to try those calculators! I’m a little afraid to see what my debt free date is.

    1. I was afraid too, but now that I know what the date is, I feel tremendously better. I just hope when I plug in updated data now and then that it shows the date getting closer and closer rather than further away…

  6. That’s awesome Shoe! Oh I do love that Vertex42 calculator! I use it all the time. I just save my updated file as a new version with a new date. You can even put additional one-off prepayments in it too – i.e. income tax refund, birthday money etc.

    Thanks for the mention and I’m so happy that you find that calculator useful!!

    1. Yep, I referred to the extra payments as “snowflake” since they vary month to month rather than the traditional “snowball” which is the same every month (and gets added to when a debt is paid off). I should do a save as rather than saving over the older version so I can refer back to it from time to time. Good idea Debs!

  7. My debt free date is in January 2017. I’d love it to be sooner than that, but that will be four years after starting the blog. I hope to continue to make more money, so we’ll see. 🙂 Congrats on figuring this out and paying off debt. Hopefully we’ll all be free around the same time!

    1. It would be great if we all became debt free at around the same time! I’m rooting for you, I know you’ll be debt free by then for sure and probably sooner as your side hustles start raking in more and more money! 🙂 I will still have my mortgage, but I will be debt free other than that.

  8. It’s good to know that you already set an estimated debt free date, in that way it’s easier for you to track your future payments of your debts. Actually, I don’t have a debt but my plan is to save more and build a solid emergency fund.

    1. Building savings and your EF is a great goal Marie! I will be checking out your blog to see how that’s going.
      I agree that knowing the date will help me to stay motivated and track my progress. Thanks for commenting!

    1. Thanks Hannah! Not having debt must be amazing, I can’t wait to say that I’m FREE (other than the mortgage) 🙂 I do want to get this debt gone!!

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