Accelerated Debt Payoff
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!
- Credit cards
- Enter a total credit card debt and an average interest rate, or press the "enter data" button to enter up to 10 credit card accounts, one on each line.
- Auto loans
- Click on the "enter data" button to enter any auto loans you may have. The data 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 installment loans.
- Other loans
- Click on the "enter data" button to enter any additional installment loans you may have. The data 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 six installment loans.
- Your total current balances for your credit cards, auto loans and other loans.
- 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 credit card payments. The length of time to payoff this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time. NOTE: This calculator compounds all interest monthly.
- This is your monthly payment. For credit cards we calculate your minimum monthly as 4% of your current outstanding balance or $15 which ever is more. This amount can be adjusted to reflect a realistic monthly payment.
- Loan balance
- This is the amount of your new consolidated loan. Your loan balance will default to the total outstanding balances for your existing credit cards, auto loans and installment loans. You can adjust this amount higher or lower. Making changes to the default may result in paying more (or less) interest along with a change in your monthly payment.