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Debt Payoff Calculator

Input one debt a line in the format of: debt-name,amount,interest-rate,minimum-month-payment. For example: mortgage loan, 250000, 4.5, 1200

Calculated Results
Debt pay off in 94 month.
Payoff Month94
Total Interest44,508.28
Total Principal 235,000.00
Total Payment279,508.28
Related
Credit Card Personal Loan Debt Consolidate

Debts Payment Schedule

Month Credit Card 1 Credit Card 2 Auto Loan Mortgage Total Interest Total Principal
1 867.00 30.00 573.00 1,530.00 957.50 2,042.50
2 867.00 30.00 573.00 1,530.00 940.19 2,059.81
3 867.00 30.00 573.00 1,530.00 922.67 2,077.33
4 504.28 392.72 573.00 1,530.00 904.94 2,095.06
5 897.00 573.00 1,530.00 887.91 2,112.09
6 749.36 720.64 1,530.00 871.94 2,128.06
7 1,470.00 1,530.00 856.99 2,143.01
8 1,470.00 1,530.00 847.84 2,152.16
9 1,470.00 1,530.00 838.64 2,161.36
10 1,470.00 1,530.00 829.40 2,170.60
11 1,470.00 1,530.00 820.13 2,179.87
12 1,470.00 1,530.00 810.81 2,189.19
13 1,470.00 1,530.00 801.45 2,198.55
14 1,470.00 1,530.00 792.06 2,207.94
15 1,470.00 1,530.00 782.62 2,217.38
16 1,470.00 1,530.00 773.14 2,226.86
17 1,470.00 1,530.00 763.62 2,236.38
18 1,470.00 1,530.00 754.06 2,245.94
19 1,470.00 1,530.00 744.46 2,255.54
20 1,470.00 1,530.00 734.82 2,265.18
21 1,470.00 1,530.00 725.14 2,274.86
22 1,470.00 1,530.00 715.41 2,284.59
23 1,470.00 1,530.00 705.64 2,294.36
24 1,470.00 1,530.00 695.83 2,304.17
25 1,470.00 1,530.00 685.98 2,314.02
26 569.04 2,430.96 676.08 2,323.92
27 3,000.00 666.90 2,333.10
28 3,000.00 658.15 2,341.85
29 3,000.00 649.37 2,350.63
30 3,000.00 640.55 2,359.45
31 3,000.00 631.70 2,368.30
32 3,000.00 622.82 2,377.18
33 3,000.00 613.91 2,386.09
34 3,000.00 604.96 2,395.04
35 3,000.00 595.98 2,404.02
36 3,000.00 586.96 2,413.04
37 3,000.00 577.91 2,422.09
38 3,000.00 568.83 2,431.17
39 3,000.00 559.71 2,440.29
40 3,000.00 550.56 2,449.44
41 3,000.00 541.38 2,458.62
42 3,000.00 532.16 2,467.84
43 3,000.00 522.90 2,477.10
44 3,000.00 513.62 2,486.38
45 3,000.00 504.29 2,495.71
46 3,000.00 494.93 2,505.07
47 3,000.00 485.54 2,514.46
48 3,000.00 476.11 2,523.89
49 3,000.00 466.64 2,533.36
50 3,000.00 457.14 2,542.86
51 3,000.00 447.61 2,552.39
52 3,000.00 438.04 2,561.96
53 3,000.00 428.43 2,571.57
54 3,000.00 418.79 2,581.21
55 3,000.00 409.11 2,590.89
56 3,000.00 399.39 2,600.61
57 3,000.00 389.64 2,610.36
58 3,000.00 379.85 2,620.15
59 3,000.00 370.02 2,629.98
60 3,000.00 360.16 2,639.84
61 3,000.00 350.26 2,649.74
62 3,000.00 340.33 2,659.67
63 3,000.00 330.35 2,669.65
64 3,000.00 320.34 2,679.66
65 3,000.00 310.29 2,689.71
66 3,000.00 300.21 2,699.79
67 3,000.00 290.08 2,709.92
68 3,000.00 279.92 2,720.08
69 3,000.00 269.72 2,730.28
70 3,000.00 259.48 2,740.52
71 3,000.00 249.20 2,750.80
72 3,000.00 238.89 2,761.11
73 3,000.00 228.53 2,771.47
74 3,000.00 218.14 2,781.86
75 3,000.00 207.71 2,792.29
76 3,000.00 197.24 2,802.76
77 3,000.00 186.73 2,813.27
78 3,000.00 176.18 2,823.82
79 3,000.00 165.59 2,834.41
80 3,000.00 154.96 2,845.04
81 3,000.00 144.29 2,855.71
82 3,000.00 133.58 2,866.42
83 3,000.00 122.83 2,877.17
84 3,000.00 112.04 2,887.96
85 3,000.00 101.21 2,898.79
86 3,000.00 90.34 2,909.66
87 3,000.00 79.43 2,920.57
88 3,000.00 68.48 2,931.52
89 3,000.00 57.49 2,942.51
90 3,000.00 46.45 2,953.55
91 3,000.00 35.38 2,964.62
92 3,000.00 24.26 2,975.74
93 3,000.00 13.10 2,986.90
94 508.28 1.90 506.38

Pay off your debts

Debts, espcially those with a higher interest rate, could eat up your hard earned money badly. Paying off your debts is one of the most important step to manage your personal wealth. It will not only save you significant amount of money that will be used to pay the interest for the debt, but also will give you a peace of mind for your life. If you have debts, try to use this calculator will find out how long you can pay off the debts by trying different monthly budget value. That will also tell you the total cost (defined as total interest payment) of your debts when paid off. The calculator will also provide you a payment schedule that you can follow such that the interest payment will be the minimum.

The calculator will use the monthly budget to pay the minimum payment for each of your debt firstly and then use the remaining fund to pay off the highest interest rate debt. By paying off the higher interest rate debt before low rate you can save interest cost.

You can also consider of a debt consolidation loan that will transfer different debts balance into one single debt that will not only easy to manage but also has a potential to save money if the consolidated loan has a good interest rate. You can use the Debt Consolidate calculator to find out if such a loan makes sense or not.

The most important advice is to live a life style that you can afford. While having a debt for student loan, auto loan or mortgage is not a bad thing, having a debt on a credit card is normally considered as not a wise move beccause the interest rate on credit card is much higher than mortgage or student loans.