Debt Paydown Calculator
If you’re looking for ways to get out of debt fast, but don’t know where to start, Bankrate’s debt calculator can help. With just a few details about your income and debts, our calculator will craft a personalized payment plan, complete with a paydown schedule.
How our calculator works
To use this calculator, you’ll need to gather the most recent statements for the debts you want to pay down and find the following:
- Interest rate.
- Current amount owed.
- Minimum monthly payment.
Next, enter this information for each of the debts you want to include in your debt pay-down schedule, along with its type — credit card, retailer charge card, auto or boat loan, home equity loan or another kind — up to a maximum of 10. You’ll also need to enter your current tax bracket, as well as any additional income you’re expecting to receive for the remainder of the year.
Using this information, our calculator will create a customized payment plan, which will tell you which debts to prioritize, where additional payments should be made and for how much, as well as your debt paydown schedule.
Techniques to pay down debt
Consider the following strategies to pay down debt faster, while saving money in interest.
If your goal is to reduce debt, take inventory of your financial obligations, as well as your assets and monthly gross income. This will allow you to see where there’s room for improvement and help you determine which paydown strategy is the best for you.