Use these free tools to see how fast you can pay off your debts...
Debt Stacking Calculator:
Want to know when you can be free of debts? This calculator might help you.
As per Wikipedia definition:
[https://en.wikipedia.org/wiki/Debt-snowball_method],
The debt-snowball method is a debt reduction strategy, whereby one who owes on more than one account pays off the accounts
starting with the smallest balances first, while paying the minimum payment on larger debts. Once the smallest debt is paid
off, one proceeds to the next slightly larger small debt above that, so on and so forth, gradually proceeding to the larger
ones later. This method is sometimes contrasted with the debt stacking method, also called the "debt avalanche" method,
where one pays off accounts on the highest interest rate first.
This calculator uses the "debt stacking" method as it is the one where you can save the most interest overall.
A good description of the pros and cons of each repayment method is available at "thebalance.com" web site with their page
Debt Snowball vs. Debt Stacking
Why use this calculator?
While a lot of web sites will provide you a great tutorial on how to apply Snowball or Avalanche/Stacking method, I haven't
found one yet that provides me with a flexible calculator that can fit most scenarios I have encountered with friends over the years.
Completed features
- Automatically re-order all your debts in order of highest to lowest interest rates for fastest debt reduction effect.
- Once a debt is paid off, the extra money is automatically re-allocated to the next debt.
- Works with either payment as a percentage of principal owed or a dollar amount. If value entered is less than 1, it will be considered a percentage.
- Each debt can have an amount provided for recurring charges that need to be added to my principal (ie utilities, streaming services, memberships, etc.)
- You can select one or more debt(s) to be prioritized for payment prior to the other debts
Upcoming features
- Ability to keep track of more than one debt scenario
- Remembers your debt scenario so that you can update your progress instead of re-entering all information (See Privacy section below for more information)
- Ability to take a dated snapshot of your current debt scenario to allow you to see your progress over time.
This calculator is currently focused on Debt Stacking method, which is the fastest repayment method of the two.
Go to: Debt Stacking Calculator
Loan Amortization Calculator
Use this simple Amortization Calculator to find out how much you need to pay each month based on your chosen repayment pediod.
This amortization schedule will also show you how much of your repayments will go towards the principal and interest.
Go to: Amortization Calculator
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such as a debt repayment calculator, are provided for general information purposes only. Nothing on this site
should be taken as financial advice for any individual case or situation. This information is not intended to
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information does not create such a relationship.
Professional Advice Recommended: Before making any decision or taking any action that might affect
your personal finances or business, you should consult a qualified professional advisor who understands your
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significant differences between the two titles and the services they provide, as outlined in
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Privacy:
- This website uses a SSL certificate to encrypt all data transmissions between your computer and our website.
- We do not ask for any of your personally identifiable information.
- When labeling a name to each of your debts, make sure that you do not enter any confidential identification like a credit card number or a loan account number.
- We do not keep track of your IP address
- We do not use cookies.
- We do not save any information you provide. When you close the web page, the information is gone.
