Finish Line DEBT Calculator
The following calculator determines how long it would take you to pay off your current debt if you were to set a finish line and use all excess over that limit to rapidly pay down your debt.
Household Inputs
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Advanced Inputs
Use the following inputs to indicate funds that should be taken out of the excess before applying the remainder to accelerated debt payments. For example, you may opt to apply excess to tithe or retirement contributions prior to expediting debt payments. Values can be entered as either a percentage of the budget, or as a fixed value.
Existing Loans
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Credit Card Debt
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Results Summary
| Total Debt Repayment Time | TIME |
| Starting Debt Principal | PRINCIPAL |
| Total Interest Paid | INTEREST |
| Current Budget | BUDGET |
| Target Budget | BUDGET |
| Excess Available | EXCESS |
A household of SIZE living at the 50th percentile lives on a salary of INCOME per year with a budget of approximately BUDGET per month.
You currently live on INCOME per year with a budget of approximately BUDGET per month, leaving you with EXCESS per month left over.
If you used all that excess to make extra payments on your debt, you would pay off your PRINCIPAL in TIME, including a total of INTEREST in interest.
Debt Payment Plan
To implement this debt payment plan, begin by making the minimum payment on each of your debts every month (to avoid fees and fines). In the beginning, all your minimum payments combined would come out to MIN PMT per month.
After making your minimum payments, use the remaining EXCESS of your excess to make extra payments on your loans in the order listed below. When one loan is paid off, start making extra payments on the next one, in order.
Finally, once all your debts are paid off in full, start giving away your excess EXCESS each month.
| Payoff Order | Debt | Payoff Time (Mo.) | Rate (APR) | Starting Principal | Cumulative Interest |
|---|
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Detailed Payment Schedule
| Month | Loan | Starting Principal | Ending Principal | Payment | Interest Payment | Principal Payment | Cumulative Interest |
|---|
This calculator is only to be used for general illustration. All payments should be discussed with your lender or creditor and are subject to any terms you have agreed upon.