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
Disclaimers
General Information Only: The material and information contained on this website, including any tools
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
establish a professional financial adviser-client relationship. Furthermore, simply accessing or viewing this
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
particular situation. While we strive to provide accurate and up-to-date information, we urge you to seek
personalized advice from a qualified financial professional..
No Warranty: While we endeavor to keep the information up to date and correct, we make no
representations or warranties of any kind, express or implied, about the completeness, accuracy,
reliability, suitability, or availability of the website or the information, products, services, or related
graphics contained on the website for any purpose. Your use of any information or materials on this website
is entirely at your own risk, for which we shall not be liable.
Limitation of Liability: Any reliance you place on the material on this website is strictly at your
own risk. We will not be liable for any losses and/or damages in connection with the use of our website.
No endorsement of any third parties or their advice, opinions, information, products, or services is
expressly given or implied by any content on this site.
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.
General Information Only
The tools and materials on this website, including the Debt Stacking and Amortization calculators, are provided for illustrative and general information purposes only. Nothing on this site constitutes financial, investment, legal, or tax advice. Accessing or using these tools does not establish a professional-client or financial adviser-client relationship.
Calculators: Estimates Only
The results produced by the calculators on this site are estimates only and are based on the information you provide. They do not account for individual lender variations, compounding frequencies, or potential changes in interest rates or fees. We do not guarantee that the results achieved in practice will match the estimates provided here.
Professional Advice Recommended
Financial decisions are significant and should not be based solely on automated tools. We strongly recommend that you consult with a qualified professional financial advisor who can assess your specific situation before making any decisions that may affect your personal finances or business.
No Warranty and Limitation of Liability
Indyo Systems Inc. strives to maintain accurate and up-to-date information; however, we make no representations or warranties of any kind, express or implied, regarding the completeness, accuracy, reliability, or availability of the website or its tools.
Your use of this website and any information or materials provided is entirely at your own risk. In no event shall Indyo Systems Inc. be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, arising from the use of this website.
Third-Party Content
This website may contain links to external sites for educational purposes. Indyo Systems Inc. has no control over the nature, content, or availability of those sites and does not necessarily endorse the views expressed within them.
Privacy Policy
- Data Security: This website uses an SSL certificate to encrypt all data transmissions between your device and our server.
- No Personal Information: We do not collect, request, or store any personally identifiable information (PII).
- Sensitive Data Warning: When labeling your debts in the calculators, please do not enter sensitive information such as credit card numbers, loan account numbers, or full names.
- No Tracking: We do not track your IP address, and we do not use cookies.
- No Data Storage: We do not save any of the information you input into the calculators. Once you close or refresh the browser page, all entered data is permanently cleared.
