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How much debt do you have? How fast can you pay it off? Many people have only a vague sense of how long it will take them to get out of debt. This "How Much Do You Owe?" calculator will tally your debts and let you know how long it will take to pay them off, even with varying amounts and interest rates. It can also show you how adjusting your payments can help you pay off your debts even faster.
A lot of people are seduced by the purchase power offered by credit cards, easy-to-get personal loans, and low down payment mortgages. However, as a person accumulates these debts they usually don't think about how they are going to pay them off. This oversight leads many people into a desperate situation where their monthly payments for these debts take up all of their monthly income.
If you are in this situation now, or if you are heading for one like it, then it is time to take control of your finances. You can start by using our "How Much Do You Owe?" tool to see just how far in debt you actually are.
Being in debt isn't just a matter of raw dollars. It's a question of how long it will take you to pay it off and how much of a burden it will be on your finances while you do so. Because many types of debt, particularly credit cards, charge very high interest rates – often in the high teens – paying a bit extra on those debts each month can provide big rewards in brining down your debt more quickly, and reducing your total interest costs as well. This calculator can help you explore how to most effectively use your dollars to bring your debt down as quickly as possible.
The calculator makes separate determinations for three types of debt:
After entering all your information, your total debt will be displayed at the top of the page. The graph below the calculator will show the time it will take to pay off all your debts.
For a more detailed breakdown of your debts and repayment schedule, including month-by-month payments over time, click "View report."
Would refinancing to a lower mortgage rate help you get out of debt faster? Or maybe you'd like to pay off high-interest rate debt with a low-rate home equity loan? Click "Get Free Quote" to obtain a personalized rate quote tailored to your financial profile.