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Accelerated Debt Payoff
Putting a simple plan in place to pay off your debt in full after debt consolidation is a must. This calculator is designed to show you how to accelerate that payoff by applying a portion of the savings recognized from the consolidated loan and applying it toward the loan's balance.
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Definitions
- Credit cards
- Take the total of your credit card debt and the average of all the interest rates and enter it here. Or the calculator will total the debt for you if you wish to enter each card and interest rate individually. Just click on Enter Data.
- Auto loans
- The Enter Data button allows you to enter information on up to three auto loans and it will give you the sum of your outstanding balance and interest rate.
- Other loans
- The Enter Data button allows you to enter information on up to six loans and it will give you the sum of your outstanding balance and interest rate.
- Totals
- The total balances for your credit cards, auto loans and other loans
- Interest rates
- This is the average of all the interest rates you entered.
- Payment
- This is the amount of payments per month with the total calculated for you.
- Accelerated amount
- After entering your consolidation loan amount, interest rate and term, your monthly payment is calculated which then calculated the monthly savings you achieved by taking the consolidation over your regular monthly payments. You may change the amount to achieve your goal on your accelerated payout displayed on the graph to the right. Click View Report for more in depth information on payment and schedule.
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