Debt Payoff Calculator Shows How You Can Pay Debts Faster
This Debt Payoff Calendar is an easy way to see how quickly you can pay down your debt. You simply plug in your numbers. You can even try using different loan and payment amounts to see how it impacts your debt payoff schedule.
Enter current debt balances
You begin by filling in your existing:
- debt balances
- interest rates
- monthly payment information
The calculator will show totals for each.
Calculate New Loan information
This section of the calculator gives you a chance to see how a debt consolidation loan will impact your budget. It lets you see how many months it would take to pay off the existing debt at existing rates and terms. Then it shows how quickly that same debt will be paid with a consolidation loan. And, it shows how extra principal payments make an even bigger difference.
For instance, for a $5000 outstanding balance, here’s how the numbers stack up.
- With an average of 18% interest and $200 in minimum monthly payments, a balance of $5,000 will take 155 months, or more than 12 years to payoff.
- With a consolidation loan of $5000 at 11% interest and $95 per month payments, that same debt will be paid off in 6 years, or half the time.
- You can pay off the debt even faster, by adding the $105 difference between your old payment and your new payment to the principal of the new loan. By adding a $105 principal payment to your minimum $95 payment, that $5000 will be paid off in just 29 months, just under 2 and a half years.
You can plug in different numbers to see how it makes a difference in paying off your debt. The View Report link shows a comparison of the three loan scenarios.
Are you ready to payoff your debt and save money doing it?
If you are ready to payoff your high-cost debt, do it faster and save money doing it, call Countrywide Home Loans today for information on your debt consolidation options. Call 1-888-284-7596 today for a free, no-obligation loan consultation and find out how you can payoff your debt faster.
