Calculate Your Debt Free Date

Are you tired of your debt weighing you down? Are you ready to get rid of it for good?

Great! Now you probably want to know how long you will be eating rice and beans until you can scream “FREEDOM” from the mountain tops, right?

There are many options for Free Debt Pay-Off Calculators. However, today I am sharing with you two of my favorites.

Have You Decided the Order You Will Be Paying Off Your Debts?

If your answer is, “YES!” Then I recommend using this Free Debt Calculator from Financial Mentor.

Pros:

  • Easy & Fast to Use
  • Compares a Minimum Payment Plan vs. Your New Pay-Off Plan
  • Gives You the Total Number of Months Until You are DEBT FREE!
  • You Can Create a Payment Schedule, which Will Highlight When Each Debt is Paid Off

Cons:

  • You Must Enter Your Debt in the Order You Want to Apply the Extra Money
  • Does Not Compare Debt Snowball Plan vs. Debt Avalanche Plan

 

Are You Undecided of Your Approach to Paying Off Your Debt?

If your answer is, “YES!” Then I recommend using this Free Debt Calculator from Time Value Software.

Pros:

  • You are Given Three Options in Your Method of Debt Pay-off: Highest Interest First, Lowest Balance First, or Shortest Pay-off First
  • Compares the Interest Paid and Months it Will Take for Each Method
  • Represents the Difference in Interest and Time in Graphs

Cons:

  • It Takes More Time to Input Your Debt Information
  • You Will Need to Check the Box “Use Minimum Amounts Due” to Optimize Rollover

 

So what are you waiting for? I am sure you want to know how much longer you will be eating beans and rice and when you can look forward to building up your savings and possibly even taking a vacation? I can’t wait for the day, when I can scream “FREEDOM” from the mountain tops!

When is Our Debt Free Date?

We only have our mortgage left and as of December 1, 2015 we had $19,418 remaining. Our best estimate is that we will be 100% DEBT FREE, in 2016!

 

I Have Very Little “Extra.”
Should I Do a Debt Snowball?

I know there are several families who desperately want to pay off their debt, but are living paycheck to paycheck and just cannot find much wiggle room in their budget. But what if you could just find and extra $50, or maybe even $100, is it worth the extra effort and sacrifices?

 

Hypothetical Example:

Debts:

  • Furniture: $500  balance (22% interest) = $75 monthly payment
  • Home Depot: $900 balance (20% interest) = $50 “”
  • Visa Card: $2000 balance (20% interest) = $100 “”
  • Master Card: $5500 balance (18% interest) = $220 “”
  • Car: $12,500 balance (8% interest) = $350 “”
  • Student Loan: $28,000 balance (7% interest) = $350 “”

Total Debt = $49,400
Monthly payments = $1145

Minimum Payments

Debt Pay Off Date: June 2018

Interest Paid: $8839.99

Pay Extra $50/Month

Pay Off Your Debt 3 Months Sooner

Save Over $500 in Interest

Pay Extra $100/Month

Pay Off Your Debt 6 Months Sooner

Save Over $1000 in Interest!

So YES! It is absolutely worth it to sacrifice. If you haven’t declared war on debt, do it! The first and most important step is stop borrowing, stop digging that hole, and start climbing out!!!

When is your debt pay off date???

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11 thoughts to “Calculate Your Debt Free Date”

  1. 3 years is just coming over the horizon! Very awesome. We are 5 years, and I keep looking for that extra to squeeze to make sure we make it or maybe a month or two sooner!

    I like the debt snowball calculators. I use a different one in excel, and yes.. it keeps the nerd in my motivated too! 😉

  2. I have about two years left…with the bulk paid off in the next year or so. That was a great calculator! Thanks so much for sharing!

  3. Thanks for this, great tool, it was a very Hard 2015 and starting 2016 I just see the Numbers and even that I know I’m not alone and the debt will be over by 2018 totally (but the mortage) I so want to see and try to make it sooner and be debt free by dec 2017 , will see thank you.

    1. I’m happy to hear the debt calculators were helpful to you! Best wishes with your financial journey! Debt free in less than 2 years, that’s exciting! Congrats! 🙂

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