Category Archives: Calculators

Loan Cost

Gary North

There are no free lunches. If you borrow money, you must repay it. How much will you actually repay?

This calculator is simple to use. Enter the loan amount. Enter the interest rate. Enter the number of years until you pay off the loan. Click calculate. The calculator will tell you your monthly payment and how much money you will pay back.

http://www.bankrate.com/brm/cgi-bin/apr.asp

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How Much You Owe, and How Fast You Can Pay It Off

Gary North

Where are you today in terms of debt? How long will it take to get out of debt? How can you speed up the process? At what price each month? Find out here.

This calculator allows you to identify each debt and its interest rate. It is mainly for credit card debt, but not exclusively. It creates a graph that shows you how long it will take you to get out of debt, assuming you do not take on any more debt.

Some people are shocked when they find out how long it will take. It is good to be shocked about this.

It may take 10 seconds to pop up on the page. Be patient.

http://www.dinkytown.net/java/DebtAmount.html

How Much Interest You Will Pay

Gary North

There are no free lunches. There are no free loans from commercial lenders.

This calculator shows you how much interest you will pay on your loans. You fill in the information on amounts owed, interest rates, and monthly payments. Click. You will see a graph on the amount of money in interest you will pay.

If you enter new information on larger payments each month, you will see how much less money you will pay in interest. This is a productive exercise. Get motivated!

http://www.dinkytown.net/java/Debt2Amount.html

These Calculators Can Help You Find Out How Far in the Hole You Are, and How to Dig Yourself Out

Gary North

There are numerous calculators available on the World Wide Web. I have selected several that I think will help you set goals and stick to them.

These calculators cover such issues as debt, interest rates, repayment time, and total payments. If you can see how much you are paying for credit, and for how long, you will have an incentive to stick with a debt-elimination program.

If you owe money on more than one credit card, the correct strategy is to speed up the payment of the one with the highest interest rate. Make the minimum monthly payment on the others. There is a calculator that lets you see how fast you will get out of debt by using this strategy. To access it, click here.

If you can arrange it, transfer debt from your highest-rate card to a 0% trial credit card, one that has a fairly low rate after (say) a one year 0% rate. To see which cards allow this, click here. These companies think you will not pay off your credit card debt early. Fool them.

After you have made the transfer, pay off the the second-place card as fast as you can.

Transfer as much debt as you can to the new card. If you can transfer all of your credit card debt this way, praise God and accelerate your monthly repayment schedule.

Here is the recommended list of debt calculators.

How Much Interest You Will Pay
Gary North
Most people have no idea how much money in interest payments they will pay to lenders. You can find out here. . . . keep reading
How Much You Owe, and How Fast You Can Pay It Off
Gary North
This calculator lets you enter all of your debts and the interest rate for each loan. Type in the monthly payment. With a click, you can see how long it will take you to pay off your debts. . . . keep reading

Loan Cost
Gary North
If you take on a new debt, how much will you pay, total, to secure the loan? Is it worth it? . . . keep reading