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This calculator
will show you how much time and money you could save by paying off your
debts using the "rollover" method. Using the rollover method, as each
smaller debt is paid off, the freed-up payment amount is then applied
to the next larger debt, and so on until all debts are paid off. As you
are about to see, the rollover method can save you a ton of money in
interest charges, and get you debt free in a very short period of time.
Instructions:
Ordered from smallest balance to highest balance, enter the name,
current balance, interest rate and minimum payment amount for all of
your debts (up to a maximum of 10 debts). Next, enter a monthly dollar
amount you could add to your accelerated debt payoff plan. Then, click
the "Calculate Results" button.
Note: If you
include your mortgage in your Accelerated Debt Payoff Plan, be sure to
enter only the principal & interest portion of your monthly
mortgage payment (don't include monthly tax and insurance portion).
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