#PAY IT DOWN CALCULATOR HOW TO#

Stick to your debt plan and discipline yourself – Don’t acquire new debt.

For more information on this process, check out the Debt Snowball Calculator. When the first debt is paid off, use the cash that is freed up to pay down the next debt on the list.

Organize a payment – Focus on paying off one debt at a time.

Just use the Debt Payoff calculator to know how much you need to allocate each month for paying off your debt. Your approach will largely depend on your financial situation – and when you want to reach your goal. There is no right or wrong approach for allocating money to pay off debts. Direct all your extra money to paying off the most important debt on your list.

#PAY IT DOWN CALCULATOR HOW TO#

Figure out how much you can afford to pay every month – Review your budget to figure out how to free up some money for debt repayment.Pay the highest interest rate debt first to minimize your total interest cost. Some debts are more urgent than others because the consequences of not paying them are more serious.

Rank your debts – Start by ranking each debt according to highest interest rate.Make a list of all your debts, the amount you owe on each, the monthly payment for each, and most importantly, the current interest rate on each loan. Calculate all your debt – Gather your latest statements.If you can't pay with what's in the bank, don't pay at all. Live within your means! Cut up credit cards, and avoid all loans. Stop increasing your debt – Adjusting your lifestyle isn't easy, but it is necessary to get out of debt.

Recognize and accept that you have a debt problem – Be honest about your debt issues with friends and family – they can help hold you accountable! While embarrassing, the more people you tell, the more motivation you'll have to reach your goal.Below is a step-by-step plan so you can reach your debt payoff goals: Getting out of debt is truly a challenge. You'll discover exactly how much you should plan on paying each month to make that happen with the debt payoff calculator. Perhaps you want to be debt free before you go back to college, move to a new city, or before the new baby arrives. This Debt Payoff Calculator reveals how much you need to pay each month in order to be out of debt by a certain date.

The reality is debt can truly weigh you down, but take heart – with a smart plan you can escape!

Pay It Down is a creative interactive tool that can be used by parents and educators to teach responsible money management.Compare All Lenders How Much Should Your Debt Payments Be?ĭo you know when you want to get out debt but don't know how much to pay each month? Paying off existing debt is one of the best ways to save money, and seeing a graph that shows your debt going down is a great motivator. In today’s economy, people are looking for more ways to be smart about money. Just record the basic information for each loan, and Pay It Down will calculate the total interest and monthly payment – critical factors in determining which loan offer is a better deal. Or, use Pay It Down to compare two or more different loan offers before deciding which to sign up for. Use the Additional Payment Settings to see how adding a small amount to your monthly payment can shave months or even years off of your debt repayment plan. Use Pay It Down to determine the debt repayment time for a simple loan or credit card debt, or enter more information and Pay It Down will graph your total personal debt profile and calculate when you will be completely debt free. Pay It Down is an easy-to-use application that helps you calculate and visualize the best strategy for getting out of debt.

Pay it down calculator