Financial Calculators
How Much Do You Owe?
Use this calculator to find out how much you owe. This can be
used as a good starting point for your debt management plan. Enter
all of your credit cards and outstanding installment loans balances.
Find out how much you owe and how long it will take to pay it all
off.
Definitions
- Credit Cards
- Enter up to 10 credit card accounts, one on each line.
- Balance
- Your current balance on your credit card.
- Interest Rates
- The average annual percentage rate you pay. This interest
rate is calculated for each of the categories of debt
you have including credit cards, Auto Loans and other
installment loans. For credit cards 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.
- Auto Loans
- Click on the "Enter Data" button to input any auto loans
you may have into the details page. This details page
is designed to let you input your current monthly payment,
the term (in months), the starting balance and the number
of months you have left. It then calculates your outstanding
balance and interest rate. You can enter up to three installment
loans.
- Other Loans
- Click on the "Enter Data" button to input any additional
installment loans you may have into the details page.
This details page is designed to let you input your current
monthly payment, the term (in months), the starting balance
and the number of months you have left. It then calculates
your outstanding balance and interest rate. You can enter
up to six installment loans.
- Payment
- This is your initial monthly payment. For credit cards,
if you checked the "use credit card minimum payments"
box, your monthly payment is calculated as 2% 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 2% 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.) |
Information and interactive calculators are made
available to you as self-help tools for your independent use and
are not intended to provide investment advice. We can not and
do not guarantee their applicability or accuracy in regards to
your individual circumstances. All examples are hypothetical and
are for illustrative purposes. We encourage you to seek personalized
advice from qualified professionals regarding all personal finance
issues.
