Debt Payoff Calculator
The calculator below is designed for evaluating paying back one or multiple debts with the options of adding extra payments.
Debts are the major source of stress for many families. If not well managed, debts can get out of control easily and mess up your life. Many personal financial advisors suggest to payoff all the debts except home mortgage as soon as possible. Some even suggest to payoff home mortgage. Live a debt-free life is a wonderful feeling and is achievable. The debt payoff calculator above helps evaluate the options to payoff your debts.
The following are some general advises on how to payoff debts:
- Live within or below your means — Live a life that you cannot afford can quickly mess up your personal finance.
- Create a budget and identify unnecessary purchases — Try to cut these unnecessary purchases as much as possible.
- Pay off the most expensive debt first — This can cut down your interests and payoff the balance fast.
- Pay extra on your monthly payments — The majority of many monthly payments are interest only. Extra payments payoff balances directly. In many situations, even $10 extra per month helps.