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Accelerate your Debt Payoff
Consolidating your debt is just half the battle. This calculator can show you how to accelerate your debt payoff and stick to a plan!
You can shave hundreds or even thousands of dollars off your loan by applying a portion of your consolidated loan's monthly payment savings to the consolidated loan's balance. The process is simple!
- Enter all your monthly figures for each category where applicable.
These categories include credit card debt, auto loan debt, personal loans, real estate loans. We’ve included three additional loan options in case we missed any. Be sure to include the appropriate interest rate and term length for each category. - Enter the details of the new consolidated loan you are considering.
Include details such as the loan balance of your new consolidation loan, the monthly payment amount you can reasonably pay, the interest rate or Annual Percentage Rate (APR) and the term of your loan, in months.
Our Accelerated Debt Payoff Calculator helps you create and understand your debt payoff plan options. When using this calculator please keep the following in mind:
- Use real numbers where applicable: If you’re serious about paying off debt faster, then we need to be realistic with the numbers.
- Enter numbers using monthly calculations: The calculator will give you figures and timelines based on monthly calculations. To ensure the most accurate results, please consider your monthly numbers for each category.
- Use our glossary: We’ve compiled a list of financial terms to help clarify any definitions.
Change the values: Understand what options are available by dragging the slider in each category for different amounts, rates and terms. - “Use credit card minimum payments”: If you checked the 'use credit card minimum payments' box, your monthly payment is calculated as 4% of your current outstanding balance*. With the 'use credit card minimum payments' box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.
- *We calculate your minimum monthly payment as 4% of your current outstanding balance. This is one of the most common methods used by credit card companies to calculate minimum payments.
- This calculator compounds all interest monthly.
Accelerated Debt Payoff
The amount for your new consolidation loan. The default amount will be the total of all of your debts. You can increase or decrease this amount if you need to change the total amount of the loan.
The monthly payment for your new consolidation loan.
The Annual Percentage Rate (APR) that you will pay on your new consolidation loan.
The term, in months, for your new consolidation loan.
If you checked the 'use credit card minimum payments' box, your monthly payment is calculated as 4% of your current outstanding balance. With the 'use credit card minimum payments' box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full. (We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)
Your total current balance for this credit card.
This is your initial monthly payment. Remember to check or uncheck the “use credit card minimum payments” box depending on your calculations.
The annual percentage rate you pay for this credit card. The rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time. NOTE: This calculator compounds all interest monthly.
Your total current balance for an installment loan.
The annual percentage rate you pay for this loan. Enter the current interest rate for this loan. This calculator assumes your rate will remain the same for the entire repayment period. We use this to calculator the interest you will pay on this loan and the number of payments that are remaining.
This is your monthly payment. Enter the actual monthly payment for your loan. We use this to determine your payment totals and to calculate the remaining payments.
This is the calculated number of payments remaining for this loan. It is based on your current balance, payment and interest rate.
* Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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