Financial Debt Calculators

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CC Equal Payment by Payoff Time Calculator

How much should I pay each month if I want to pay off my credit card balance in a certain amount of time?

Enter the loan balance, interest rate, loan length, and monthly payment and this calculator will analyze your loan. You will see how long you've been paying and how much you've paid to date on your loan, as well as how much time is remaining and how much more is to be paid.Just enter your loan balance, interest rate, current monthly payment, and the additional amount you will pay each month and the calculator will compare the payoff time and interest charges for the remainder of the loan.

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Teri   Just wanted to thank you for your calculator. Took out a stupid loan and need to pay it off fast. Didn't know how much extra it would take till I found your calculator. - 1/22/2010 5:49:17 AM


Credit card calculators - How they help to do away with due debts?

Paying off credit card debt is definitely not an easy task always. Especially, if youíve numerous due bills to manage, then itíll require you to be more and more cautious for successful debt elimination. To eliminate all of your credit card debts, first of all, youíll have to evaluate exactly how much you owe. Without proper evaluation itíll be almost impossible to plan the next step. For accurate evaluation of debt, there are credit card calculators that you can use. The calculators are accurate enough and they help you to eliminate credit card debts with time.

How should you operate these credit card calculators?

Using a credit card calculator doesnít require you to follow any difficult step. You can easily find these calculators in any trustworthy financial website. Here is how you should use the calculators to keep your debts well under control:

  1. Accumulate your vital information: You should start with accumulating all of your credit card related information. Gather all the latest bill statements. You should have a clear idea about your current balance in the credit card accounts and the interest rate charged on every card. Youíre also supposed to provide the estimated monthly payment amount that you can afford. Youíll have to provide these information for the right calculation. Thatís why you need to collect all the information correctly from beforehand.
  2. Look for the credit card calculator: After accumulating all the credit card related information youíll have to look for the right calculator. You can find numerous credit card calculators on line. All youíve to do is to surf financial websites well. It wonít take much time to find out a credit card calculator. You wonít have to pay any charges for using these calculators either. So, you can use the calculators without any hesitation.
  3. Provide all the information accurately: You should be careful while providing information to the calculator. Provide the information in the right spots. Itíll be better to recheck all the information before clicking on the calculate button.
  4. Calculate the results: Once you click on the calculate button it wonít take much time to evaluate the results. The result that youíve got, use that to plan your debt payment properly. Itís better to do a bit experiment with the numbers before planning the repayment properly.

How credit card calculator helps?

The results that you get after running the numbers through calculators, help you to assume exactly how you should start planning the repayment. The results may be disappointing at the initial level. If youíve numerous debts, then it may take several years to solve the financial issues. You may experiment with the calculator and see how much you should pay extra to eliminate debts as soon as possible. Increase the monthly payment amount as much as possible to see how does that reduce the required time for payment. You may be surprised to know that by paying just a little bit extra itíll be even more easier to pay off debts early.

Finally, you should put the numbers to good use that the calculator has provided you. You should stick to the monthly payment that youíve decided after using the calculator. If youíll pay the amount rigorously every month, then youíll easily be able to achieve your target of eliminating all the financial obligations on time.

Field Help

Input Fields

TitleA title for these calculator results that will help you identify it if you have printed out several versions of the calculator.

Credit Card BalanceYour current outstanding balance on this credit card.

Interest RateThe current annual interest rate charged for the outstanding balance on this credit card. You may actually have different interest rates for different balance amounts. This could happen if part of your balance came from a cash advance (many credit cards charge a higher interest rate and no grace period for cash advances), or if you made some purchases during a lower percentage promotion period, or maybe you transferred the balance from another credit card for a special low interest rate promotion.

Minimum Monthly PaymentThe amount you will pay each month. (You will continue to pay this much each month regardless of what your statement shows as the 'Amount Due'.) You will want to make sure this amount covers your required payment, especially in the early months and with the new 2006 federal government guidelines.

Desired Payoff TimeEnter the desired number of years and/or months when the balance should be paid.

Output Fields

Payment AmountPay this amount on your credit card each month to have it paid by 'Payoff Time'. Compare this amount with your credit card statement's Amount Due and pay whichever is greater (especially in the early months and with the new 2006 federal government guidelines).

Actual Payoff TimeThe number of years and months it will take to pay off this credit card balance. This is the 'Number of Payments' expressed in years and months. Note: If the 'Minimum Monthly Payment' you entered is equal to the calculated 'Payment Amount', 'Actual Payoff Time' may be less than the 'Payoff Time' you entered.

Number of PaymentsYou will make this many payments to pay off this credit card balance.

Total PaidTotal amount of principal + interest you will have paid when this credit card balance is paid off.

Total InterestTotal amount of interest you will have paid to get this credit card balance paid off.

Annual CostThe amount of money you will pay each year for this loan.

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