Top 12 Debt Calculators To Steer Your Way Out Of Debt

Top 12 Debt Calculators To Steer Your Way Out Of Debt
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At Debtpro.co, it is our mission to leave no stone unturned in making you debt-free. Whether you have medical bills, student loans or credit card debt, we will help you to get rid of your debt. This is where a debt calculator will be of great help. Now, speaking of debt calculators, it is imperative you are familiar with different calculators available out there.

A debt calculator is programmed using an exact formula in order to carry out the calculation of the principal and interest payments. This will give you a clear idea of the exact period it will take to pay off your credit card debt or any other debts. Following is the list of best debt calculators online which are easy to use and very accurate.

Top 12 Debt Calculators

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1. Simple APR Calculator

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Most of the auto finance companies and various other lenders offering low promotional rates can help you enjoy considerable savings on you next auto purchase. If you have low-interest rates, the total interest rates will be quite less and will also bring down your monthly payments. You can use Simple APR Calculator in order to compare varied APR options.

2. Student Loan Calculator | SoFi

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In order to get out of debt quickly, there are two principles applied by this calculator. Initiating by seeing what is the exact amount you can save via consolidating your student loans. Afterward apply that savings to the credit cards, auto loans, and other debts to pay them off quickly.

3. Loan Amortization Calculator

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With the help of an amortization calculator, you can easily find out the payment details for any type of loan, commonly it is used for mortgages. This calculator mainly requires the principal amount, the term, and the annual interest rate. On the basis of this information, the calculator will calculate the monthly payments required to pay off the loan in the given term. This calculator is also sometimes termed as emi loan calculator.

4. Debt Repayment Calculator By Credit Karma

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A debt repayment calculator can really prove beneficial in letting you know exactly how long it will take to pay off your debt and how much interest you get to save by adding an extra principal payment to your next scheduled payment.

5. Debt Payoff Calculator – The Simple Dollar

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There is no doubt that debt consolidation is a huge step to take. However, the significance of a having a plan still cannot be ignored in order to pay off your debt in full. With the help of debt payoff calculator, you will get to know as for how you can accelerate the debt payoff. The process is not so tricky; all you need is to apply a small part of consolidated loan’s monthly payment savings to the balance of the consolidated loan and you can easily save hundreds and thousands in interest and reduce the years from the loan.

6. Debt Snowball Calculator

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When you use debt snowball calculator, it tends to speed up your debt payoff and it is done using rollover method. When the payment for first debt has been made, you will have some freed-up payment amount, you can use this amount to make the payment for your next debt even faster. You can continue with the same process in order to pay off all your debts.

7. Debt-To-Income (DTI) | Credit.com

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Your debt-to-income (DTI) ratio has a great significance; experts say that it is as important as your credit score. It is the amount of debt you are having as compared to your income on the whole. Lenders really consider this ratio and take a decision whether to lend you money or extend credit.

If you have a low DTI, this will suggest that you have maintained a right balance between the debt and income. Lenders also want to see this number on the lower side, usually below 36. If you have successfully maintained a lower number, chances are more of getting a loan or credit you are looking for. Now add all your monthly debt obligations, make sure you have included mortgage (insurance, principal, taxes, and interest) and student loans, home equity loan payments, car loans, credit card debt, etc. In order to calculate, total recurring debt is divided by gross income.

8. Undebt.it: Avalanche Calculatordebt-snowball-payment-calculator

Undebt.it is a free, online debt snowball/avalanche calculator and management tool that will help you quickly develop a debt elimination payment plan.

9. Unbury.Me

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If you are buried deep in debt, the feeling of having no hope of getting out can be scary. But, you don’t have to go through all this as Unbury.Me has made a simple calculator tool that can help you regain your financial foothold.

This online tool provide payment choices on the basis of two options –

  • High-Interest Method.
  • Debt Snowball Method.

Once you enter all of your debt information, you can quickly compare which debt reduction method will work best for your situation and finances. Make adjustments in your monthly payments and the chart will show your outstanding principal balance, how much interest you’ll pay, and a debt freedom date. As soon as you enter the debt details, you can compare which debt relief method suits you the best. You need to make adjustments in your monthly payment amount and the chart will show you the remaining principal balance, the interest rate you need to pay.

10. Debt Eliminator From Tcalc.timevalue

Debt Eliminator From Tcalc.timevalue

Ms. Suze Orman is the person behind the customized plan. The information you enter in this calculator does not get stored. All you need is to type your name, credit card number, and other loans. Each debt will have its separated row; this will give you a better idea of your balances. Once you have mentioned all your debts, you need to click the button of Next. You will be asked whether you will have to add additional amount towards the monthly amount. Following this, you need to click Find Your Plan in order to get the information about debt payoff plan.

11. Credit Card Interest Calculator

This calculator will decide how much the monthly payment will be applied to the principal and how much is the interest. Then the calculator will tell you the term until the credit card is paid off and what is your interest cost until payoff.

12. Debt-Free Calculator – Getting out of debt with CNNMoney

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You can have a look at your debts with this debt calculator from CNN. All you need is to list all your credit cards along with other loans; the outcome of your loan will be decided on the following variables –

  • Fixed monthly payments.
  • Debt-free deadline.
  • Minimum payments.

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