Debt Payoff Calculator

The Debt Payoff Calculator is the program that makes comparisons of the user's actual debt payments schedule with the planned payment scheme. The goal of this debt management project is to make it possible for the user to comprehend better and to be able to compare the actual and probable interest rate payments, repayments carried out each month and the total amount of cash that will be involved in repaying the debt.

The key principal of managing the debt is to understand the costs involved. With the use of the Debt Payoff Calculator it will provide the user with an opportunity to rapidly assess the situation and lead to possible solutions how to repay his/her credit card, loan etc. fast, also showing the total amount that can be saved. Thus, it will become possible to use the saved money to repay additional finance much faster and so on.

The proposal can either be the user's or a different one from a firm.

The calculator also makes it possible to calculate the monthly payment for specific period that is inserted by the user.

One imported thing that should be taken into consideration. In Debt payment comparison section the interest rate is displayed as percentage, whilst in the table below the interest rate is calculated as numbers to two decimal places.

Debt Payment comparison

£

Current Payment Arrangement

Enter either the minimum payment details or a fixed amount

£

% of balance plus interest

£ whichever is largest

Proposed Payment Arrangement

Enter either a period of time in months and/or years or a fixed amount

£

Years

Months

Comparision of Arrangements

Page: 1

Current Arrangement Proposed Arrangement
Pmt No. Payment Amount Interest Principal Balance Payment Amount Interest Principal Balance

Currency

Rating: 4.8/5 (5 votes)