Debt Repayment Calculator
This debt repayment calculator figures how much faster you will get out of debt and how how much interest you will save by adding an additional principal repayment to your next regularly scheduled payment.
If you have multiple debts to repay then try this Debt Snowball Calculator to repay faster using the rollover method. In addition, there are 10 other credit card and debt calculators here to choose from. One will certainly fit your debt repayment needs perfectly.
Debt Repayment Plan
Many of us have debt and have no problems making our payments each month. But the question is how long are we going to pay off our debts? Are we going to be paying our debts forever? We should be smart enough in dealing our debts so we can get out of the debt trap sooner. One thing you should remember is you should be in control of your debts to be able to live a debt-free life.
Once you have decided that you want to live a debt-free life, you need to create a debt payment plan. It is important to understand that by applying your extra money to one debt at time, you will significantly speed up the debt repayment process. Use the debt repayment calculator above to determine how much faster you will get out of debt and how much interest you will save when you increase your monthly payments. If you work hard you will be surprised at how quickly you can pay off your debt.
Repay Debts Or Reinvest?
While it certainly feels good to be debt free, some people still can’t decide whether to invest their extra money or use it to pay off your loans. What is more important? What is really the best financial game plan? This issue is debatable and there is no obvious choice between the two. For some people, they want to save for their retirements or rainy day fund while paying off their debts. While some wants to pay off their debts first before saving. However, you can decide which is better for you and come up with financial goals. Here are some points you may want to consider when making a decision:
When making a decision don’t just focus on the numbers. You should also take into consideration the psychological effect of your decision. If you’re serious about retiring with a decent chunk of change without debt, you need to focus on both sides of the equation.
Repayment Values Definition
Money that goes to interest is wasted money. It’s money that you worked hard for. Don’t let little monthly payments trick you; if you are not putting at least the same amount in to a retirement saving account or bank then you are losing. Find out how much interest you will be saving when putting additional payments to your debt payment by using the above calculator.
To calculate the debt repayments, all terms of the loan must be known: balance owed, interest rate and your minimum monthly payment.
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