Debt Repayment Calculator

Accelerating payments is kind of boring.  It’s a lot of cutting back on this and that on a daily basis, and then eventually, once per month, you have something to get excited about: WHAMMO! Extra payment.

But here we are early in the month, with September’s extra payment made and all of October left to go.

Today I found a Debt Repayment calculator that cheered me a little.  The one I used is very no-frills and is found at Debt Repayment Calculator. The site even says in the upper left hand corner “You can deal with it” and has a very calming rainbow/banner thing.

I typed in my amount of debt, my interest rate and my current monthly payment. Then I added an additional monthly payment of $500 and the site told me that if I just made my monthly payments I would be paying this loan off for 72 more months and would pay an additional $543.14 in interest.

But!  If I make an extra payment of $500/month for 12 months, all of my student loan debt will be GONE!  Twelve months! So exciting!  Then I can put all that money into savings/investing and retirement.

That’s good news!