Debt Payoff Calculator - Prudent Financial Solutions

Debt Payoff Calculator

Consolidating debt is a significant step for anyone to take. However, developing a well-thought-out strategy for paying off debt is where things can get tricky. If you’re looking for a simple way to get a handle on your debt, the debt payoff calculator from Prudent Financial Solutions is a great place to start. With our debt payoff calculator, you can determine how long it will take to pay off your credit card debt and help you figure out how to have your debts paid off faster. To get started with the Prudent Financial Solutions debt payoff calculator, simply gather the most recent statement for each debt you wish to include in your payment plan, such as credit cards, car loans, and home equity loans, determine the balance, interest rate, and minimum payment you would like to make for each, and enter the information the debt payoff calculator below. Paying off debt can help you save money on interest while also improving your financial situation. Create a plan for settling your debt using our debt payoff calculator below and start your road to financial freedom today.

Minimum Payments: Use credit card minimum for payments
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Definitions

NEW LOAN BALANCE

The amount for your new consolidation loan. The default amount will be the total of all of your debts. You can increase or decrease this amount if you need to change the total amount of the loan.

NEW LOAN PAYMENT

The monthly payment for your new consolidation loan.

NEW LOAN INTEREST RATE

The Annual Percentage Rate (APR) that you will pay on your new consolidation loan.

NEW LOAN TERM

The term, in months, for your new consolidation loan.

USE MINIMUM PAYMENT

If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full. (We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)

CREDIT CARD BALANCE

Your total current balance for this credit card.

CREDIT CARD INTEREST RATE

The annual percentage rate you pay for this credit card. The rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.

NEW LOAN BALANCE

The amount for your new consolidation loan. The default amount will be the total of all of your debts. You can increase or decrease this amount if you need to change the total amount of the loan.

NEW LOAN PAYMENT

The monthly payment for your new consolidation loan.

NEW LOAN INTEREST RATE

The Annual Percentage Rate (APR) that you will pay on your new consolidation loan.

NEW LOAN TERM

The term, in months, for your new consolidation loan.

USE MINIMUM PAYMENT

If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full. (We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)

CREDIT CARD BALANCE

Your total current balance for this credit card.

CREDIT CARD INTEREST RATE

The annual percentage rate you pay for this credit card. The rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.

*Clients who make all their monthly program deposits pay approximately 70-75% of their original enrolled debts over 24 to 60 months. Not all clients are able to complete their program for various reasons, including their ability to save sufficient funds. Our estimates are based on prior results, which will vary depending on your specific enrolled creditors and your individual program terms. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Prudent Financial does not offer debt settlement services in all states and fees may vary from state to state. In some states, we may refer you to a trusted business partner that can provide you with alternative debt relief services. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest. C.P.D. Reg. No. T.S.12-03825