Outstanding Debt Calculator Helps You Create Debt Management Plan

This outstanding debt calculator will help you get a clear idea of how much you owe. Many people have only a foggy idea of what their debt is. By plugging your information into this calculator you will have a clear picture of your financial situation.

Outstanding Debt Calculator

It’s hard to plan where you are going when you don’t know where you are. This information is the starting point on your map to financial health.

How much do you owe?

You may need to check your credit card and other loan statements for information on your outstanding debt. It’s very possible you’ve never looked at all this different information at one time. It may seem a little overwhelming. Be assured that it’s necessary to create a plan of action.

Once you’ve gathered your information, enter it into the calculator. For each credit card, auto loan or consumer loan enter your outstanding balance, the current interest rate and the minimum monthly payment.

When you’ve finished plugging in your information, hit the “enter data” button. The graph on the right let’s you toggle between two views:

• How long it will take to payoff the debt under your current creditors
• The total interest you will pay to your current creditors in paying off these debts

The “view report” button also details debt payoff information

Create a plan for paying off your outstanding debt

Now you have a clear picture of your financial status. You may not like what you see. Do you want to payoff your debt and save possibly thousands of dollars? If you are ready to explore your debt consolidation options, call Countrywide Home Loans. Our loan experts are ready to help you find the loan that’s right for your needs. Call 1-888-284-7596 today for a free, no obligation loan consultation.

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.

Debt Payoff Calculator

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.

Combine Your Debt into One Simple Payment with a Combo Loan from Countrywide

A Combo Loan from Countrywide is a cash-out refinancing alternative that qualified borrowers can use to consolidate higher interest rate debt into one low monthly payment.* If you’re looking into the debt consolidation options available to reduce your overall monthly payments and potentially lower your overall effective interest rate, take a look at what a Combo Loan from Countrywide can offer.

Before you decide to refinance with a Combo Loan, review your financial picture and make a list of what you want to accomplish.

Do you want to:

• Consolidate debt?
• Get cash out?
• Lock in lower rates?
• Change mortgage terms?

7 Reasons to Consider a Combo Loan Refinance

1. You want to consolidate your first mortgage and second mortgage
2. You want to combine unsecured loans (car loans, personal loans, high interest rate credit cards) and potentially convert non-tax deductible interest payments into tax deductible interest payments.**
3. You’re paying double digit credit card interest rates
4. You want to get cash from available home equity
5. You want change your mortgage terms from adjustable to fixed rate, or vice versa
6. You want a lower interest rate than you have on your current, higher-interest mortgage
7. You want to make only one convenient monthly payment for all your combined loans.

Want Personalized Advice About A Combo Loan from Countrywide?

Call us today at 1-888-284-7596. Countrywide’s home loan experts are ready to answer your questions. Your call is FREE and there’s no obligation. Call us now.

* Refinancing may increase the total number of monthly payments and the total amount paid when compared to your current situation. The relative benefits of a consolidation loan may vary over time and will depend on individual circumstances. The longer the property and loan at a new lower rate and term is kept, the more interest savings can be realized when compared to your current situation. The repayment period of a mortgage loan can generally be shortened when additional funds above scheduled monthly mortgage payments are consistently paid and applied to reduce the loan balance. Loan consolidation may result in an LTV for which mortgage insurance would be required. Mortgage insurance costs vary by the loan program selected and other factors. Ask us about the various mortgage insurance options available.

** Consult your tax advisor for details.