Restructuring debts for accelerated payoff

A quick way to retire your debt is to first list all your debts on the CURRENT DEBT INFORMATION tab. Second, make a monthly commitment on the ADDITIONAL DEBT PAYMENTS tab. Third, select “Highest to Lowest Interest Rate” on the ASSUMPTIONS tab to rank your debts. The calculator has you making all minimum payments plus the monthly commitment as an extra payment against your highest ranked debt. Once the highest ranked debt is paid off, “roll-over” its monthly payment and the monthly commitment as an additional payment to the next highest ranked debt. Repeat the Roll-Over Payment Plan until all debts are paid. Not only will you save interest by paying off your loans, the money you used to pay down debt can now go towards savings! We’ll calculate how much savings you can accrue by the time you would have finally paid off your debts had you not followed the Roll-Over Payment Plan.

Current Debt Information

CreditorBalanceMinimum
Payment
Actual
Payment
Interest
Rate
(0% to 40%)
Debt-1 ($)
Debt-2 ($)
Debt-3 ($)
Debt-4 ($)
Debt-5 ($)
Debt-6 ($)
Debt-7 ($)
Debt-8 ($)
Debt-9 ($)
Debt-10 ($)
Debt-11 ($)
Debt-12 ($)
Debt-13 ($)
Debt-14 ($)
Debt-15 ($)
Debt-16 ($)
Debt-17 ($)
Debt-18 ($)
Debt-19 ($)
Debt-20 ($)

Additional Debt Payments

Assumptions

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This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.