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Debt Reduction Calculator V1.6

This document contains a debt reduction calculator that compares three payment methods - minimum payment, lowest balance, and highest interest - for reducing multiple debts. The minimum payment method would take 120 months to pay off all debts and incur $14,119 in total interest. The lowest balance method would pay off debts in 52 months and cost $6,971.75 in total interest, while the highest interest method would pay off debts in just 46 months but cost $5,832.25 in total interest paid. The calculator provides details on the payment amount, payoff period, and total interest for each debt under the different payment methods.

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brianfromboise
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99 views3 pages

Debt Reduction Calculator V1.6

This document contains a debt reduction calculator that compares three payment methods - minimum payment, lowest balance, and highest interest - for reducing multiple debts. The minimum payment method would take 120 months to pay off all debts and incur $14,119 in total interest. The lowest balance method would pay off debts in 52 months and cost $6,971.75 in total interest, while the highest interest method would pay off debts in just 46 months but cost $5,832.25 in total interest paid. The calculator provides details on the payment amount, payoff period, and total interest for each debt under the different payment methods.

Uploaded by

brianfromboise
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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DEBT REDUCTION CALCULATOR

MINIMUM PAYMENT LOWEST BALANCE METHOD HIGHEST INTEREST METHOD


Total Minimum Payment - Monthly $ 307.25 Total Pay Off Months 120 Total Pay Off Months 52 Total Pay Off Months 46
Additional Payment - Monthly $ 300.00 Last Payment Date 1-Nov-26 Last Payment Date 1-Mar-21 Last Payment Date 1-Sep-20
Date of current balance 1-Nov-16 Total Interest Paid $ 14,119.00 Total Interest Paid $ 6,971.75 Total Interest Paid $ 5,832.25

Minimum Payment Lowest Balance Highest Interest


HI LB Name Balance APR
% Amount Monthly # of months Last Date Total Interest Start EP # of months Last Date Total Interest Start EP # of months Last Date Total Interest
3 3 Credit Card 1 $ 3,200.00 18.00% 2.25% $ 60.00 $ 72.00 74 1-Jan-23 $ 2,128.00 1-Aug-17 20 1-Jul-18 $ 748.00 1-Oct-18 33 1-Aug-19 $ 1,456.00
4 4 Credit Card 2 $ 4,000.00 18.00% 2.00% $ 60.00 $ 80.00 94 1-Sep-24 $ 3,520.00 1-Jul-18 34 1-Sep-19 $ 1,800.00 1-Aug-19 45 1-Aug-20 $ 2,240.00
5 2 Credit Card 3 $ 1,500.00 17.00% 2.75% $ 60.00 $ 41.25 52 1-Mar-21 $ 645.00 1-Feb-17 9 1-Aug-17 $ 423.75 1-Aug-20 46 1-Sep-20 $ 656.25
2 1 Credit Card 4 $ 700.00 20.00% 2.00% $ 60.00 $ 14.00 109 1-Dec-25 $ 826.00 1-Nov-16 3 1-Feb-17 $ 200.00 1-Jul-18 23 1-Oct-18 $ 480.00
1 5 Personal Loan $ 5,000.00 21.00% 2.00% $ 60.00 $ 100.00 120 1-Nov-26 $ 7,000.00 1-Sep-19 52 1-Mar-21 $ 3,800.00 1-Nov-16 20 1-Jul-18 $ 1,000.00
Other
Other
Other
Other

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