Cost-of-Debt Calculator

The interest you pay on your debt can quickly become very expensive. Use this calculator to help determine just how expensive your debt has become. Enter all of your credit cards and outstanding installment loans balances. Find out how much you owe, how much interest you are scheduled to pay and how long it will take to pay it all off.

The total you are schedule to pay in interest alone on your debt is INTEREST_CURRENT.

The total of all current loans and credit card payments are MONTHLY_PAYMENT. If you continue to make the minimum payments it will take you CURRENT_PAYOFF to payoff this debt. The total interest paid will be INTEREST_CURRENT. **GRAPH**
Result Summary
Total outstanding debtOUTSTANDING_BALANCE
Monthly payment MONTHLY_PAYMENT
Average interest rate AVERAGE_RATE
Total interest INTEREST_CURRENT
Time to pay off debt CURRENT_PAYOFF
Current Loans and Credit Cards
  Amount OwedMonthly PaymentInterest Rate
Credit cardsCC_OUTSTANDING_BALANCECC_MONTHLY_PAYMENTCC_AVERAGE_RATE
Auto loansAUTO_OUTSTANDING_BALANCEAUTO_MONTHLY_PAYMENTAUTO_AVERAGE_RATE
Other loansOTHER_OUTSTANDING_BALANCEOTHER_MONTHLY_PAYMENTOTHER_AVERAGE_RATE
TotalsOUTSTANDING_BALANCEMONTHLY_PAYMENTAVERAGE_RATE

Payment schedule

**REPEATING GROUP**

Cost-of-Debt Calculator Definitions

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 balance 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 calculator 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.


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