Debt payoff calculator – Figure out how quickly you can be debt free

Debt payoff calculator – Figure out how quickly you can be debt free

Paying off debts is nothing less than winning a ferocious battle. You can obviously consolidate your debts to win the battle. But honestly speaking, that would help you win only 50% of the battle. You still need a strategic plan to win the rest of the battle.
Our debt payoff calculator helps you to accelerate your payment process.
The process is plain and simple.
Just increase your monthly payments on your credit cards and loans. Make more payments towards your consolidated loan’s balance. You can save thousands on interest and get out of debt quickly.
The choice is yours. Either make larger monthly payments on your credit cards and get out of debt quickly or make fixed monthly payments and calculate how much you have to pay.

Steps to use before using the debt payoff calculator

Gather your recent statements of credit cards. Check the following items in your statements:

  1. Your current balance
  2. Interest rate you have to pay
  3. Your monthly payments

Steps to use the debt repayment calculator

How many credit cards do you want to include in the payment? Add them in the calculator.
Add your current balance, interest, and monthly payment amount in the calculator.

Credit Card Payoff Calculator
Credit Card Current Balance ($) Interest (% p.a.) Monthly Payment ($)
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And, you’re done.

our amortization schedule is right in front of you. You can find out exactly how much you have to pay and how long to pay off debts.

How much time will it take to pay off debt?

 

Tip: Just increase the figure in the monthly payment category. Our loan payoff calculator will show how soon you can get rid of debt and how much you can save. Lead a frugal life if you want to increase your monthly payments. A humble lifestyle can help you save money. You can use it to accelerate your payoff goal.

Understanding the common terms

  • Monthly payment: This is the minimum amount you pay for your credit cards. If you wish, you can pay more than the minimum amount.
  • Interest rate: This is the annual percentage rate you pay for your credit card purchases.
  • Current balance: This is how much you have accrued on your credit cards.
  • Amortization schedule: This is the table that lists payments on credit cards and loans over time.

Disclaimer: Use this debt payoff calculator as a self-help tool only. The accuracy and applicability of the calculator can’t be guaranteed since much depends on your individual situation. The loan payoff calculator also doesn’t include insurance and fees.