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Debt

[expand title=”How long will it take to pay off my credit card(s)?” trigclass=”noarrow” tag=”h3″]

    • Americans today owe more money than ever before. The fact that ‘interest never sleeps’ means that the situation will continue to worsen unless steps are taken at the individual level to reduce or eliminate debt. Additional monthly payments can make a difference to accelerate the payoff and save yourself hundreds and thousands in interest payments. Use our calculator to figure out when you can pay off your credit card.

      Credit Card or Loan Information
      Current credit card balance ($)
      Annual percentage rate (%)
      Minimum payment percentage (%)
      Minimum payment amount ($)
      Skip December payment when offered?
      Proposed additional monthly payment ($)
      Desired table display

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[expand title=”How long until my loan is paid off?” trigclass=”noarrow” tag=”h3″]

  • By making consistent regular payments toward debt service you will eventually pay off your loan. Use this calculator to determine how much longer you will need to make these regular payments in order to eventually eliminate the debt obligation and pay off your loan.

    Loan Information
    Current loan balance ($)
    Annual percentage rate (%)
    Current monthly payment ($)

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[expand title=”What would my loan payments be?” trigclass=”noarrow” tag=”h3″]

  • The loan amount, the interest rate, and the term of the loan can have a dramatic effect on the total amount you will eventually pay on a loan. Use our loan payment calculator to determine the payment and see the impact of these variables on a specified loan amount complete with an amortization schedule.

    Loan Information
    Loan amount ($)
    Annual interest rate (%)
    Term of loan (months)
    Desired table display

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[expand title=”What is the balance on my loan?” trigclass=”noarrow” tag=”h3″]

  • If you know your current payment, the interest rate and the term remaining, you can calculate your outstanding loan balance. Use this calculator to determine the loan balance along with an amortization schedule.

    Loan Information
    Current monthly payment ($)
    Annual interest rate (%)
    Number of months remaining
    Desired amortization schedule

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[expand title=”Should I consolidate my personal debt into a new loan?” trigclass=”noarrow” tag=”h3″]

      • With interest rates at historical lows, it may make sense to consolidate some of your credit card and other personal debt into a new consolidated loan, typically a home-equity loan. Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years. Use this debt consolidation calculator to determine how quickly you could get out of debt and how much interest you might save.

        Consolidated Loan Information
        Annual percentage rate (%)
        Number of years
        Current Debt Information
        Balance Monthly Payment Yearly Rate
        Credit card 1 ($)
        Credit card 2 ($)
        Credit card 3 ($)
        Credit card 4 ($)
        Auto loan 1 ($)
        Auto loan 2 ($)
        Boat/RV loan ($)
        Other loan 1 ($)
        Other loan 2 ($)
        Other loan 3 ($)

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[expand title=”Re-structuring debts for accelerated payoff” trigclass=”noarrow” tag=”h3″]

      • The quickest way to retire your debt is to 1) determine what your total debt payment is now, then 2) sort your debts from highest interest rate to lowest, then 3) continue to make the same total payment amount except pay Minimum Payments on all debts except the highest rate debt, then 4) once the highest rate debt is paid off apply those new savings to the next highest rate debt and so on. Use this calculator to determine the interest and time saved using this ‘Roll-Over’ technique along with the potential increase in savings once all the debts have been paid off. The calculator will sort the debts for you when completing the analysis. You may also apply an extra amount to the total payment to accelerate debt payoff even further.

        Current Debt Information
        Creditor Balance Minimum
        Payment
        Actual
        Payment
        Interest
        Rate
        Debt-1 ($)
        Debt-2 ($)
        Debt-3 ($)
        Debt-4 ($)
        Debt-5 ($)
        Debt-6 ($)
        Debt-7 ($)
        Debt-8 ($)
        Debt-9 ($)
        Debt-10 ($)
        Debt-11 ($)
        Debt-12 ($)
        Debt-13 ($)
        Debt-14 ($)
        Debt-15 ($)
        Debt-16 ($)
        Debt-17 ($)
        Debt-18 ($)
        Debt-19 ($)
        Debt-20 ($)
        Additional Debt Payments
        Extra monthly payment ($)
        One-time payment ($)
        One-time payment
        One-time payment
        Assumptions
        Debt ordering
        Interest earned on new savings (%)

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[expand title=”Which is better: cash up front or payments over time?” trigclass=”noarrow” tag=”h3″]

      • Use this calculator to help determine whether you are better off receiving a lump sum payment and investing it yourself or receiving equal payments over time from a third party.

        Cash Up Front Information
        Cash up front amount ($)
        Potential return on investment (similar risk) (%)
        Payment Information
        Compounding frequency
        Annual payment amount ($)
        Annual increase in payments (%)
        Number of payments

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[expand title=”What is the impact of making extra payments on my loan?” trigclass=”noarrow” tag=”h3″]

      • Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds of thousands in interest. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments. Use our extra payment calculator to determine how much more quickly you may be able to pay off your debt.

        Loan Information
        Original loan balance ($)
        Annual percentage rate (%)
        Initial term in months (30yrs=360)
        Number of payments already made
        Proposed additional monthly payment ($)

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[expand title=”Should I pay off debts or invest?” trigclass=”noarrow” tag=”h3″]

      • Should I pay off debt or invest?

        When you receive some extra money it may be difficult to determine whether you should invest the funds or use them to pay towards liabilities. Financial theory recommends that if your after-tax return on investments is greater than your after-tax cost of debt then you should invest. Use this calculator to help analyze your situation.

        Rates and Assumptions
        Interest rate on debt (%)
        Is the interest deductible?
        Before-tax return on investment (%)
        Is the interest taxable?
        Marginal tax bracket (%)

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