Debt Reduction Calculator

Back to section 2, step 5 of the workbook

Debt Reduction Calculator

Loan Information

Once you've completed the debt level calculator, you're ready to pay down your debt. First, tackle your highest-rate loans, while still making the minimum payments on your lower-cost debt.

Number of Loans:

Marginal Tax Rate: %

Enter the following information for each of your loans:

Loan Balance APR* TD?* Current
Payment Minimum
Payment

1.

2.

3.

4.

*APR = Annual Percentage Rate
*TD? = Check this box if interest payments are tax deductible, such as for a home mortgage or home equity loan.

If you can apply some of your savings to reduce your debt right now, enter that amount below. You can also accelerate the reduction of your debt by reducing your other expenses and applying that money to your debt payments. You can use the Saving and Spending Plan Calculator to help you trim down your expenses and free up some money for this purpose.

Savings to Apply to Debt Now: $

Extra to Apply to Monthly Payments: $

Data is currently saved for 1 hour(s).

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