debt payment calculator
I need assistance with a financial debt calculation, this is beyond my math skills LOL?
We are looking to become debt free. My husband and I trimmed our budget to where we have an extra $300 a month to pay off these debts. We are going to start sending the $300 plus regular payment to the lowest first then moving to the next and next with additional payments and finally paying off the mortgage. What I need help with is finding either a online calculator or some assistance on how to factor in the intrest rates and such to achieve this goal. I also would like to see what it would take to do it in 4 years. Any assistance with any of the questions is greatly appreciated. Here are our figures.
Credit Card- 8% Balance- 2800 Month Payment 150
Car Loan- 8% Balance- 13,900 Month Payment 356
Mortgage- 5.9% Balance- 114,500 Month Payment 915
These payments are not including the extra $300 we would be putting into it. Thank you so much for your help
Bankrate has several calculators that can help you figure this out. I’ve attached the link at the bottom.
You put in your debt, interest rates, and payments and it will do all the work for you. It gives a nice breakdown of how much of your money is being used for interest and how much for principal.
