Can a Debt Payoff Calculator Help You?

  • By Jillian Taylor-Mancusi

debt calculator

When it comes to managing your debt, one great tool you should have in your financial toolbox is a debt payoff calculator. You can use it to plan for future debt or to build a debt reduction plan. If you have credit cards, an auto loan, consumer debt, or a mortgage, a debt payoff calculator can help you handle your debt and develop a livable personal budget.

What is a debt payoff calculator?

A debt payoff calculator is an online tool that allows you to figure a variety of payoff scenarios. You can use it to figure out

  • how much money you can save by consolidating your debts,
  • the amount of extra money you need to pay off a debt early,
  • savings in interest charges,
  • how much money you can save by refinancing your debt, and
  • the amount it will cost you each month to take on new debt.

Why should I use a debt calculator?

A debt calculator provides a lot of information that you can use to design a workable debt payoff plan. For example, if you decide to use the snowball method to eliminate your debt, the calculator can help you decide in what order you should pay off each debt. Calculators do all of the math for you, making it much easier to get the figures you need to make your plan.

How do I choose the right debt calculator?

Choose your debt payoff calculator based on the kind of debt you want to manage. If you want to pay off your mortgage early or find out mortgage-related payment or interest information, use a mortgage payoff calculator. Credit card repayment calculators can chart early pay off options or help you decide if you should consolidate your credit card debt. Do an internet search for a debt payoff calculator that is specific to your needs.

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How do I use a debt calculator?

Debt calculators are very easy to use—you just plug in the figures requested and hit the “calculate” button. Before you sit down to use the calculator, be sure you have the necessary information close by. You will need statements that show balance, interest rate, and payment information for all the debt you are researching. Some calculators also need the beginning balance and the date you incurred the debt. You can also print off a copy of the report.

How can a debt payoff calculator help me reach my financial goals?

To set realistic financial goals, you need to know how much it costs you to be in a debt and how much extra cash you will need to pay off your debts. A payoff calculator is a tool that can help you make your money work for you and ensure that you are making the best use of every dollar.

It also provides an accurate timetable and cash accounting, showing you how far you have come and how much longer it will take to achieve your goal. This can be very motivating.

If you want to develop a plan to take control of debt, consider debt payoff calculators. They can save you time and money, helping you become a smart credit consumer.

 

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