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This calculator will
show you how much time and money you could save by paying off your debts using
the "rollover" method. Using the rollover
method, as each smaller debt is paid off, the freed-up payment amount is then
applied to the next larger debt, and so on until all debts are paid off. As you
are about to see, the rollover method can save you a ton of money in interest
charges, and get you debt free in a very short period of time.
Instructions: Ordered from smallest
balance to highest balance, enter the name, current balance, interest rate
and minimum payment amount for all of your debts (up to a maximum of 10 debts).
Next, enter a monthly dollar amount you could add to your accelerated debt
payoff plan. Then, click the "Calculate Results" button.
Note: If you include your
mortgage in your Accelerated Debt Payoff Plan, be sure to enter only the principal & interest
portion of your monthly mortgage payment (don't include monthly tax and insurance
portion). |
