Cost of Debt Calculator
Use this calculator to help determine just how expensive your debt has become.
Calculate your cost of debt
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're scheduled to pay and how long it'll take to pay it off.
Financial Calculators from
Dinkytown.net
Credit Card #1 | Monthly Payment: $200.00 |
Credit Card #2 | Monthly Payment: $0.00 |
Credit Card #3 | Monthly Payment: $0.00 |
Credit Card #4 | Monthly Payment: $0.00 |
Credit Card #5 | Monthly Payment: $0.00 |
Debt payoff is estimated at 11 years and 5 months |
Definitions
Credit card balance
Your current balance on your credit card.
Credit card rate
Interest rate for your credit card. 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.
Minimum payment
This is the percent of your outstanding balance that will be used to calculate your minimum payment for the month. Your monthly payment is calculated as the percent of your current outstanding balance you entered, but will never be less than 15. 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.
Monthly payment
This is your initial monthly payment. For credit cards, this is calculated as your minimum payment. Your monthly payment is calculated as the percent of your current outstanding balance you entered. 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.
Balance payoff
This is the total length of time required to pay off this credit card debit if you use only minimum payments. Your monthly payment is calculated as the percent of your current outstanding balance you entered. 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.
Total payments
This is the total you will pay to pay of this credit card debt if you use only minimum payments. Your monthly payment is calculated as the percent of your current outstanding balance you entered. 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.
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