This calculator will give you monthly payment plans for up to 8 credit cards or loans, including lines of credit and mortgages. It will show you the order in which you should pay off the debts, and how long it will take.
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Results
Total current balance:
Time to pay off:
If you raise your total monthly payment, you can pay off your debts faster. You should pay off first as it has the highest interest rate. You will be able to pay off all your debt in . These results assume that no new purchases are added to your debt(s). Based on the information entered above, you won't be able to pay off your full debt in 30 years. If you raise your total monthly payments or consolidate to a lower interest rate, you may be able to pay off this debt.
Consolidated loan information:
A debt consolidation loan is a new loan that is used to pay off all of your existing debts. Consolidating your high-interest debt, such as credit cards, allows you to pay it off sooner and save money in interest. Your debts have been consolidated at the lowest interest rate from all of your data. In reality, you may need to negotiate the rate for a consolidated loan.
If you consolidate your current balance of with a monthly payment of and an interest rate of it will take you to pay off your debt instead of .
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Assumptions
These calculations assume that:
- Interest on all loans is compound interest, and is compounded monthly.
- The first loan payment occurs at the end of the first month.
- The interest rate is an annual interest rate. The monthly interest rate is the annual interest rate, divided by 12.
- Annual fees are added at the end of the year, and have a one month grace period before being added to the credit card balance at the end of January of the next year. Any annual fee due when the loan is taken should be added to the balance owing.
- When your loans are consolidated, the balances are transferred immediately without penalties, and any credit card interest is included in the balance.
- If more than one loan has the same interest rate, the loan entered first will be presented first on the graph.
- As loans are paid off, they are closed, and further annual fees are not subsequently applied.
- These calculations do not account for interest tax deductions associated with certain loans, such as student loans or deductible investment loans. Tax deductions may impact which loan you should pay off first.