This Debt Payoff Calculator Can Help You Shave Years off Your Debts

This Debt Payoff Calculator Can Help You Shave Years off Your Debts Previous item Loan Repayment Strategies... Next item Planning for Retirement...

Added to the seemingly endless treadmill of keeping up with household expenses, the pain of living with large debts can be daunting. While it can make you feel like a failure, it’s just a financial problem — and one that might have a solution you just haven’t thought of yet. You have the power to turn your financial situation around, stop the madness and get out of the debilitating debt-payment cycle.

Making the minimum monthly payments may temporarily relieve painful symptoms. But it doesn’t get rid of the toxic financial condition that lurks just below the surface. To do so, you must create a more permanent solution — you’ve got to wage war on your debt.

By getting educated and aggressive, you can kick the big bad wolf of debt to the curb once and for all. Start by evaluating your loans with the debt payoff calculator at AutoPayPlus.

The debt payoff calculator works for new and existing loans of various types. It can help get you going in the right direction with a simple yet effective method for paying off your loans much faster and saving you money in the process.

So let’s see how this loan payoff calculator can help you shave years off your debts.

Most people just stick with traditional monthly loan payments. The biweekly debt payoff calculator shows you a relatively painless way to reduce debt and shorten the time to debt freedom. With biweekly payments, you make one-half of your regular monthly loan payment every two weeks instead of paying the traditional lump sum once a month. That means you end up making 13 full payments per year instead of 12. Withdrawals from your account every other week fit conveniently with paychecks and your monthly budget, while an extra half payment twice a year toward principal reduces interest over the life of the loan — visit AutoPayPlus.com for all the details on how biweekly payments work.

That one extra payment per year can add up to dramatic savings. You’ll shorten the life span of your loan, decrease the amount of interest you pay and reduce the loan principal faster, helping you save money for future desires, greater financial security and peace of mind. Let’s say you have a $250,000, 30-year mortgage with an interest rate of 4.25%. If you pay biweekly instead of monthly, you’ll save more than $30,000 in interest over the life of the loan, and pay the loan off 52 months earlier.

The potential for savings doesn’t end with your home. Let’s see what happens when you plug in your car loan to the AutoPayPlus auto loan payoff calculator. For a new $30,000 car financed for 60 months at an interest rate of 4.15%, you can pay off your loan 4 months early and save on interest too.

With the AutoPayPlus loan repayment calculator, you can schedule convenient automatic biweekly payment withdrawals and get started on the path to debt freedom. Visit www.autopayplus.com for more information and to try the loan payoff calculator for yourself.

 

Additional Resources from Mortgage Reports:

FHA Loan Calculator

VA Loan Calculator

USDA Loan Calculator

Mortgage Payment Calculator w/ PMI, Taxes and Insurance

 

 

SOURCES:

http://www.bankrate.com/calculators/mortgages/bi-weekly-home-mortgage-payment-calculator.aspx

http://www.bankrate.com/rates/interest-rates/wall-street-prime-rate.aspx

http://financialmentor.com/topics

http://www.investopedia.com/personal-finance/

http://www.thesimpledollar.com/

 

www.autopayplus.com