# Cost-of-Debt Calculator

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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 loan 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.

## 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.

(The tool calculates 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.

(The tool calculates 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. The tool uses this to calculate 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. The tool uses 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.