Below is a 100% free, simple and easy to use debt reduction calculator that can help you figure out how long it will take you to get out of debt. All you have to do is enter your details and press the “Calculate Button”!
Note: Be sure to enter a numeric value for all boxes – do not use currency symbols/punctation (ie: $10,000 should be entered as 10000 with no comma).
There are several ways you can use this calculator:
1. As a Debt Payoff Calculator: To use this calculator to find out how long it will take to payoff all of your debt in months or years by making minimum monthly payments only, simply enter $0 for the dollar amount for how much extra you will be paying monthly.
2. To Compare How Much of a Difference Extra $$$ Each Month Will Take: If you enter an amount over $0 each month to pay extra, it will help you compare what a difference it makes to pay even just $10 or $20 extra a month toward your debts!
3. Reverse Debt Calculator: Want to find out how much you need to pay each month to be completely debt free by a given time? Simply enter how many years and months you want to be debt free by and it will show you how much you will need to pay each month. (Be sure to enter a value for the month, even if it is 0)
Of course, it is important to remember that this calculator does not substitute professional financial advice! But, it will definitely help you get a clear picture of just what exactly you need to do in order to be debt free.