Debt Payoff Calculator
Your Debts
List your debts (not including your house).
Additional Payment
To pay off your debt faster, enter the additional payments you'll make.
What It Means: The balance is the total amount of debt you owe. It includes any remaining principal and possibly accrued interest from loans or credit cards.
How to Answer:
- Enter the total balance of the debt you are trying to pay off.
- This can include debts like car loans, personal loans, or credit card balances.
What It Means: The minimum payment is the smallest amount you’re required to pay each month on the debt. This amount is calculated based on the balance, interest rate, and repayment terms.
How to Answer:
- Enter the minimum payment amount required by your lender for each debt.
- Paying more than this can help reduce your debt faster and save on interest.
What It Means: The interest rate is the percentage charged on the balance of your debt. It determines how much additional money you'll need to pay on top of the principal balance.
How to Answer:
- Enter the annual interest rate for the debt, which you can find in your loan agreement or credit card statement.
- This helps the calculator estimate how much interest you’ll pay over time.
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