Debt Payoff Calculator
You work too hard to be broke. Use this calculator to see what it would take to get rid of your debt quicker and save on interest!
How to Payoff Debt Faster
Download my FREE guide - Learn the steps I took to pay off $22,000 in 7 months while on a low income.
Take Control of Your Finances!
My self-guided e-book will guide you through creating your own fast debt-free budget plan that matches your lifestyle, yields results, and provides opportunities to make smarter financial decisions.
E-Book Uses
By calculating the impact of extra payments, you see how much faster you can payoff your debt and save money! The workbook guides you to make a sustainable plan that best fits your lifestyle.
Trying to Payoff Debt Fast?
Learn the ins and outs on how student loans work to keep you in debt. Use the GYMR Workbook to play around with your monthly budget allocated towards your debt payoff and shorten your loan term. Extra payments to your debt means savings on interest and a faster debt payoff date.
Understanding Your Debt Payments
Payments to any loans generally consist of your principal and interest balances. When you pay more than just the minimum balance on your loan, you reduce the amount of interest on the principal amount and you save money on interest.
How to Make Extra Debt Payments
Knowing how much money it would take to pay off your debt in the least amount of time, tells you whether or not you need to pick up a side hustle(s) to make some extra money. Get creative. Your side hustle does not have to bring in bank, just add to what you can put towards your debt. Use my Debt-Free Budget Plan Spreadsheet to see how extra payments fit into your budget and lifestyle.
You Have Options!
To payoff debt faster, you have to make more than the minimum required payments. Play around with your budget and put that against the lifestyle you can realistically upkeep. Keeping your financial goals front of mind, keeping the things that bring you genuine joy and cutting out things that don’t will help you to figure out how much to put towards you debt every month.
Money Words You Need To Know
You are going to run into some words that can over-complicate your debt-free journey. Here are some terms you should definitely get familiar with.
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Debt Freedom
When you are in debt, your money is for everybody! Debt is what keeps you from living your best life. Debt freedom allows you to build financial stability and wealth.
Monthly Payment
This is the amount you pay towards your debt - the principal and the interest.
Balance
This is how much money you owe. Note: The principal and interest balances can differ.
Principal
This is the amount of money you requested (borrowed) and received from a lender.
Interest
This is the price of taking a loan out. This is what you pay in addition to the borrowed principal.
Interest Rate
This is how every lender plays your life. The interest rate is an ongoing amount that typically accrues daily. It can be a variable or fixed rate. It typically represents an annual percentage of your loan balance that is based off of an underlying benchmark rate decided by the lender or the government.
Loan Term
This is also sometimes referred to as loan period or loan repayment term. This is how long it will take you to repay your debt with interest.
Amortization
Basically the debt repayment plan schedule within the loan term. This is the regular payments you make towards your principal and interest to pay back your debt
Learn More About How to Payoff Debt Faster!
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