A debt pay down calculator is used by entering the amount owed, interest rate and monthly payment, notes CNN Money. The monthly interest is added to the total amount owed for the last month. The monthly payment is subtracted for the new owed amount and length of the payoff period.
Debt pay down calculators can also be used to speed up the payoff process if the individual is consolidating his debt, according to Bankrate. In this case, a percentage of the combined loan's monthly payment savings is applied to the balance of the combined loan. Using the calculator in this manner can help save on interest payments and time.
Additional steps an individual can take to pay off his debt include not creating new debt, paying off debts with the highest interest rates first, creating a spending plan, and drawing up a repayment schedule, notes Lifehack. Debts that have high interest rates increase the overall amount an individual has to pay and can extend the length of time it takes to pay off the debt fully. Any spending plan an individual creates should be set up so that his income is higher than his expenses. Spending plans can also include extra payments that can be devoted to paying off debts.