DEBT REPAYMENT CALCULATOR
If you find yourself with multiple types of consumer debt, and aren’t quite sure which to pay first, our debt repayment calculator is an awesome tool to use in determining the time it will take to settle all of your debt.
Simply start by inputting the current interest rate and balance for the following debt types:
- Line of Credit
- Credit Card
- Other Debt
Just select ‘Add New Debt’ to submit as many types of debt as you like.
After you have done that, you choose the expected monthly payment/ desired payoff time.
The expected monthly payment is what you would like to pay off each month. This calculator will determine how much interest you will pay, and how long it will be till you pay off your debts.
The amount of time you want your debt payed off by is your desired timeframe for payoff. Able to choose the payoff time in years or months, the calculator will help you figure out how much a month you need to pay including interest.
Find out how much money and time you could save by clicking the ‘calculate’ button.
In the “Debt Repayment Information’ section, you’ll be able to see more than just how much interest you’ll have to pay by paying off the debt by yourself. You’ll see the expected payoff time, interest, amount of principal, and the total cost in the form of a pie chart.
You will find many different debt relief options under the ‘See Your Options’ heading, such as:
- Credit Counseling
- Debt Settlement
- Debt Consolidation
- Consumer Proposal
- Repay Debt Yourself
If you aren’t sure which option is best for you, get your free savings estimate by clicking the button on the bottom of the calculator.
There are two methods of paying off consumer debt that have become popular, debt avalanche and debt snowball.
This method requires you to pay down the debt with the lowest balance. If you have one card with a debt balance of $3,000 and a card at a balance of $7,000 you would focus down the first card’s debt while making the minimum payment on the second card. This will help show results on your debt while gaining momentum.
This is a crucial method that will help keep a good standing on your credit score. You focus down the payments of the debt with the highest interest rate. Example: Card 1 has an interest rate of 19.95% while card 2 has a rate of 24.99%. You would focus down the payment of card 2, while still paying the minimum for card 1.
Reach debt freedom sooner by choosing the most motivating method and putting it into action.
Have the debt repayment calculator on your website for free!
Do you think your visitors will find this calculator useful? You are able to easily, and quickly, add the debt repayment calculator to your website by going to the debt widgets page on our website. This can help them determine their savings with each solution.