Debt Reduction Calculator

The article Reducing Debt discusses the importance of debt reduction and its benefits. The simple calculator on this page provides a way to estimate how long and how much it takes to reduce or eliminate debts.

Disclaimer

The calculations are approximate and are meant to get a general idea of the debts and a quick way to try out what-if scenarios. The calculator does not support advanced debt reduction options such as debt consolidation or tax-related issues. Please consult your financial advisor or planner to tailor this for your individual cases.

Current debt amount. Annual interest rate percent charged for any unpaid debt. Additional amount: if this debt is still being used (e.g., a credit card that we're still using), enter the approximate monthly debt incurred on this. Otherwise, leave it as 0. The maximum monthly payment we can afford to make, across all debts. Examples: Student loan, Credit card 1, etc. If the loan requires a minimum monthly amount to be paid, enter that here. Pay off order specifies which loan(s) to pay off before others. Select one of the options: "Smallest loan first", "Largest loan first", "Highest interest rate loan first". Compounding period: how frequently is the interest calculated? Most credit cards and student loans typically compound interest daily.

Debt Reduction Calculator

Debt Reduction Calculator

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