Debt & Credit Calculators

Debt Elimination

How should my payments be set up to pay off all my debts the quickest?

The basic principles to eliminating debt include: (1) pay as much as possible toward your debt each month (not just the minimum required); (2) concentrate on paying off one loan by paying any extra toward that one loan while paying the minimum on all others; (3) when one loan is paid, choose another and pay its minimum plus the money that was being paid on the loan you just paid off. Use this debt elimination calculator to help organize and prioritize your loans to get them paid as quickly as possible. Enter the debts you want to eliminate, choose your elimination priority and run an amortization schedule that will show you a monthly payment schedule for each loan each month until they are all paid. You can even compare how much it would cost and how long it would take to pay the same debts by making minimum payments each month.

Should I consolidate my debts into one loan or use a debt elimination strategy?

Enter the basic information about your current debts and the consolidation loan you're considering and this calculator will show you the monthly payment and other important numbers of the consolidation loan and compare those numbers with no consolidation. You can even enter any additional amount you are considering borrowing and any additional principal you will pay each month to pay the loan off faster. Show the amortization schedule to see the month-by-month payment breakdown.

How much will my payments be if I consolidate all my debts into one loan?

Enter your debt balances and the basic information about your consolidation loan and this calculator will show you the monthly payment and other important information to help you decide if this loan is right for your situation. You can even enter any additional amount you are considering borrowing and any additional principal you will pay each month to pay the loan off faster.Show the amortization schedule to see the month-by-month payment breakdown.

Should I use any extra money to pay down my debt immediately or invest it until there's enough to pay off the debt?

Should you pay off your debt or invest your extra money? Will you pay more interest or earn more on your investment? Enter the information about your debt and investment and this calculator will show you what happens if you put your money toward the debt first or put it into an investment until the debt can be paid.

What portion of my income goes to pay housing and debts?

Calculate your debt ratio or what percentage of your monthly income is used to pay fixed monthly costs. Enter your monthly income, monthly rent or mortgage expense, and other monthly expenses. This calculator will then show you what percentage of your monthly income goes to pay monthly debts and expenses. In general, most mortgage lenders do not want your total monthly housing expenses (including property taxes, private mortgage insurance (PMI), and association dues) to exceed 28% of your total gross monthly income. And your total debt ratio cannot exceed 36% of your total gross monthly income.

Are my financial habits going to lead to financial trouble?

Are your financial habits leading you down a path of financial trouble? Take this quick test to help you determine if you are in or possibly headed for financial trouble.

Credit Card Debt

How long will it take to pay off my credit card balance if I make only minimum payments?

Are you paying the amount due as shown on your credit card bill each month, but the balance doesn't seem to budge and it certainly never gets paid off? Have you ever thought about how much you'll end up paying in credit card interest if you only pay the minimum required payment each month? This calculator will show you how much interest you will pay and how long it will take to pay off your credit card if you only make the minimum required payment each month. Show the amortization schedule to see the month-by-month payment breakdown. These numbers, of course, assume you will not continue to charge with the credit card and continue to pay just the minimum amount. You may have to dig around or even make some phone calls to your credit card issuer to find out some of this information, but running this calculator can be a real eye-opening experience!

CC Equal Payment

How long will it take to pay off my credit card balance if I pay the same amount each month?

If you want to eliminate that credit card balance, you'll probably want to pay more than the minimum required each month. Enter your credit card balance, interest rate, and the amount you will pay each month and this calculator will show you how much interest you will pay and how long it will take to pay off your credit card. Show the amortization schedule to see the month-by-month payment breakdown.

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.