Why use the Accelerated Debt Payoff Calculator?
The purpose of the Accelerated Debt Payoff Calculator is to help people create a plan of attack to reduce their consolidated debt as quickly as possible. To use this financial tool you will need to first enter the various pieces of information pertaining to your loans, credit card debts, and so on. The Accelerated Debt Payoff Calculator will use these figures to determine your monthly savings. It will then show you how much faster you can pay off your debt by applying these savings to your consolidated debt payment.
This tool can be invaluable in helping you to plan your financial future. By carefully considering all of your outstanding debts and using consolidation alongside a clear repayment schedule, you may discover that you have more room to breathe than you initially thought. Debts don’t simply go away on their own, but with the right plan of action they can be kept well under control, without making too many sacrifices.
How to use the Accelerated Debt Payoff Calculator
Not sure where to start? Let us help you:
- Click the [+] icon to expand the Credit card debt section
- Add the balance and interest rate of one of your credit cards
- Repeat step 2 for all of your credit card debts – the calculator is able to consider up to 10
- Click the [-] icon to collapse the Credit card debt section, click [+] on the Auto loan debt section and add the appropriate details
- Do the same again on the Other loans and installment debt section
- Under New consolidated loan, the Loan balance field will automatically contain the total of all the debts you previously entered – if you are borrowing more on your consolidation loan, enter this number instead
- Specify the interest rate – you will notice the monthly payment automatically recalculates when you do this
- Experiment with different terms on the drop-down menu until the Payment amount is one you can afford
- Under Apply monthly payment savings, add an extra amount to repay each month – this will accelerate your full repayment and save you interest
- Click View Report to see a detailed breakdown of your debt repayment options.
Who is this Calculator for?
This calculator is most useful if you:
- Are planning to consolidate multiple debts into one repayment plan
- Want to compare the benefits of different interest rates and terms
- Are considering using accelerated payments and want to know exactly how they will affect your repayment plan.
I am interested in a home equity loan to consolidate my debts, where do I start?
You’re in the right place! If you have decided that debt consolidation is the best option for you at this particular moment, click the orange Get FREE Quote button and answer a few simple questions in order to obtain personalized loan quotes from our network of top-notch lenders. Your part in the process takes less than five minutes and is completely FREE – give it a try!
The calculator isn’t working, what can I do?
Firstly, ensure the loan balance under New Consolidated Loan is the same or more than your total debts. If it is, and the calculator still doesn’t work, we recommend refreshing the page and trying again.