New: We now have a free, online version of this Debt Payoff Calculator for you to try. There is nothing you have to download or install.
The Debt Elimination Calculator answers this question by recommending how you can get out of debt in the shortest possible time and/or with the lowest interest charge. This is achieved without necessarily increasing the total monthly payment. This adviser will consider several different payment plans and it will show you which plan results in the fastest payoff with the lowest amount of interest being paid.
List of Debts
Click image to view larger screen.
We want to stress, particularly to those that are looking to get out of debt, it is possible to eliminate debt in less time and at a lower cost without increasing your monthly payments. How is this possible? By understanding how debt works. Or more accurately, how loans work. And by more prudent money management. We at Pine Grove Software, LLC have no vested interest in selling you anything beyond this software. We don't sell advise. We don't offer loans. We don't collect fees. It's up to the debtor and the debtor alone if they want to take the time to understand these money management techniques and, more importantly, to use them.
Like all of our calculators, this calculator is simple and straight forward to use. You gather up some basic information about all of your debts — the balance outstanding, the current interest rate and the minimum payment for each. You enter this information into the calculator (See "List of Debts" image). The Debt Reduction & Elimination Calculator, will consider all the debts and create a personalized debt reduction plan (See "New Plan" image).
There are generally four ways recognized by financial professionals for tackling a debt problem. Our Debt Reduction Calculator lets you analyze all of your debts using each of the four methods (See "Pick-a-Plan" image). You'll pick what method is best for you and your circumstances.
The reinvestment feature gives you the ability to do further analysis. After one of the debt reduction methods is applied to the total debt, the loans will be paid off earlier than if just the current payment or minimum payment schedule were followed. Once the loans are paid off, the monies being used to pay the debt can be invested. This option allows you to enter your personal average investment rate of return. It will be used to calculate the gain if the payments were invested for the period of time between the early pay-off date and the pay-off date if just the current payments were made.
Naturally, all these methods and options are explained in much greater detail in the software's "Help".
This calculator is also well suited for those that offer financial advise. You are able to create an unlimited number of personalized plans for your clients and save them for future review. You and your client will be able to monitor their results and how closely they are able to adhere to the plan.
Download a trial of SolveIT! or AmortizeIT! to try this calculator.
No personal information required.