Accelerated Debt Payoff

Consolidating your debt is only half of the battle. You still need a plan to get your debt paid in full. This calculator can show you how to accelerate your debt payoff. The process is simple; just apply a portion of your consolidated loan's monthly payment savings to the consolidated loan's balance. You can save hundreds, even thousands in interest and shave years off of your loan!
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
Your plan could save you $1,943.11 in interest.
**FIG_GRAPHTITLE** Column Graph: Please view the report to see detailed calculation results in tabular form.
**FIG_GRAPHTITLE** Column Graph: Please view the report to see detailed calculation results in tabular form.

Definitions

New loan balance

The amount for your new consolidation loan. The default amount will be the total of all of your debts. You can increase or decrease this amount if you need to change the total amount of the loan.

New loan payment

The monthly payment for your new consolidation loan.

New loan interest rate

The Annual Percentage Rate (APR) that you will pay on your new consolidation loan.

New loan term

The term, in months, for your new consolidation loan.

Use minimum payment

If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.

(We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)

Credit card Balance

Your total current balance for this credit card.

Credit card Interest rate

The annual percentage rate you pay for this credit card. The rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.

Credit card Payment

This is your initial monthly payment. If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.

(We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)

Loan balance

Your total current balances for an installment loan.

Loan interest rates

The annual percentage rate you pay for this loan. Enter the current interest rate for this loan. This calculator assumes your rate will remain the same for the entire repayment period. We use this to calculate the interest you will pay on this loan and the number of payments that are remaining.

Loan payment

This is your monthly payment. Enter the actual monthly payment for your loan, we use this to determine your payment totals and to calculate the remaining payments.

Remaining loan payments

This is the calculated number of payments remaining for this loan. It is based on your current balance, payment and interest rate.

Apply monthly payment savings amount

This is an additional amount you wish to pay each month, to more quickly pay off your debt. This amount is added to your normal consolidated loan payment.



Sunmark Federal Credit Union
1187 Troy Schenectady Road
Latham, NY

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.