Do you want to know how much you are actually paying your creditors?
Although the minimum payment drops as your balance is paid, due to compounded interest, you are going to end up paying the debt for a very long time. Take a look at how much interest you will be paying for the life of the debt by using our debt calculator. By entering the required information, you will see the difference your payment can make on the lifetime of your debt.
Types of Debt Calculator
1) Debt Income Ratio Calculator:
Debt to income ratio may be defined as the monthly debt obligations (total) to the monthly income (total) of an individual. The calculation is made depending on the individual’s liabilities as well as current income.
This debt calculator helps a lender in estimating the debtor’s repayment capacity. This type of debt calculator also calculates the amount, which is being spent every month for making debt payments and payments for other recurring financial obligations.
2) Credit Card Payment Calculator:
This debt calculator requires information about the following fields-monthly payments, principal amount and rate of interest.
With the help of this debt calculator a card holder is able to know exactly how much time it will take to make full payment of a credit card debt. This calculator also helps in calculating the interest, which is required to be paid if the debtor opts for a minimum monthly payment.
3) Mortgage Debt Calculator
Are you ready to purchase a home for the first time? Can you afford a mortgage payment? The Mortgage Affordability Calculator will help you estimate a home loan amount that you can afford based on the amounts entered in the fields below: income, debt, down payment, etc. After you have established a dollar range that you can afford, find out which loan is right for you
4)Debt pay down calculator
It’s an important question, “Should I invest this money or use it pay off debt I already owe?” It’s a decision often made without a great deal of consideration. But it’s a decision with financial consequences which extend far into your future!
This free Pay Down Debt or Invest Calculator shows you the impact your decision can have on your future financial situation. This program is designed for these Windows® operating systems: NT4, 2000, XP Pro and Home, and Vista.
by Gemma Maddock