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!

4 thoughts on “Debt Repayment Calculator”

  1. Aha! That’s what you needed. I know it is helpful to have that clear vision to move forward. Go go go!!!

    Imagine how amazing it will be not to be paying on that debt. And to be debt free!!

  2. Wow, twelve months! That’s awesome! It’s seriously going to fly by, and you’ll be so happy once that debt is gone.

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