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Outstanding
debt
Find out how much you owe and how long it will take to pay it
off.
Debt
payoff
How long will it take to pay off your debt if you accelerate
your payments?
Fixed
mortgage
See how much interest you will pay, and your principal balances.
Mortgage
qualifier
Can you buy your dream home? Find out just how much you can
afford!
Auto
loans
How much can you spend on that new car? Find out your monthly
payments based on your purchase price.
Auto
lease vs. buy
Should you lease your next automobile or finance it? Find out
with this calculator!
Back
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Debt
payoff calculator
Consolidating your debt is only half of the battle. You still need a plan to
get your debt paid in full. This calculator can show you how to accelerate your
debt payoff. The process is simple, just apply a portion of your consolidated
loan's monthly payment savings to the consolidated loan's balance. You
can save hundreds, even thousands in interest and shave years off of your loan.
Definitions
| Credit cards: |
Enter a total credit card debt and an
average interest rate, or press the details button to enter up to 10 credit
card accounts, one on each line. |
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| Auto loans: |
Click on the details button to enter any
auto loans you may have. The details page is designed to let you enter your
current monthly payment, the term (in months), the starting balance and the
number of months you have left. It then calculates your outstanding balance and
interest rate. You can enter up to three auto installment loans. |
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Other loans: |
Click on the details button to enter any additional installment loans you may
have. The details page is designed to let you enter your current monthly
payment, the term (in months), the starting balance and the number of months
you have left. It then calculates your outstanding balance and interest rate.
You can enter up to three other installment loans. |
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| Balances: |
Your total current balances for your credit cards, auto loans and other loans. |
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| Interest rates: |
The average annual percentage rate you pay.
This interest rate is calculated for each of the categories of debt you have
including credit cards, auto loans and other installment loans. For credit
cards, the rate you enter is used to calculate the interest on all future
payments for the credit card. The length of time to pay off this credit card
may be much greater than calculated if you enter a low promotional interest
rate that is only good for short period of time. |
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| Payment: |
This is your initial monthly payment. For
credit cards, if you checked the "use credit card minimum payments" box, your
monthly payment is calculated as 2% of your current outstanding balance. With
the "use credit card minimum payments" box checked, your monthly payment will
decrease as your balance is paid down. This can greatly increase the length of
time it takes to pay off your credit cards. Uncheck this box to enter your own
monthly payment that will remain the same until your balance is paid in full.
(We calculate your minimum monthly payment as 2% of your current outstanding
balance. While your actual minimum monthly payment may be slightly different,
this is one of the most common methods used by credit card companies to
calculate minimum payments.)
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| Accelerated amount: |
This is an additional amount you wish to pay
each month, to more quickly payoff your debt. This amount is added to your
normal consolidated loan payment. |
Information and interactive calculators are made
available to you as self-help tools for your independent use. We can not and do
not guarantee their accuracy or their applicability to your circumstances. We
encourage you to seek personalized advice from qualified professionals
regarding all personal finance issues. |