Multi-Debt Payoff Tool
Payoff Summary
| Debt | Months | Principal | Interest | Total Cost |
|---|
How to Use the Multi‑Debt Payoff Tool
- You can enter up to five different types of debt.
- The tool is designed for unsecured debts such as credit cards, personal loans, and medical bills.
- Mortgage calculations are not supported.
- Naming Your Debts in the Multi‑Debt Payoff Tool
- Each debt must have a unique label so the tool can calculate correctly.
- If you have multiple debts of the same type, you need to distinguish them. Examples:
- Credit Card 1, Credit Card 2, Credit Card 3
- Or use specific names like Visa, Mastercard, Store Credit
- Simply typing “Credit Card” for each entry will cause errors — the tool will not calculate properly.
- The unique label ensures the tool can separate and track each debt individually in the payoff plan.
- You must choose a payoff strategy:
- Avalanche method: pays off debts with the highest interest rate first.
- Snowball method: pays off debts with the smallest balance first.
- The tool will calculate and display:
- How long it will take to pay off each debt.
- The total interest paid.
- The overall cost of repayment.
- Use the results to adjust your plan and compare strategies.
- When you are finished, click the Reset button to clear all inputs and start fresh.
Why This Matters
This calculator helps you understand the true cost of debt repayment — including how interest grows over time and how different payment strategies affect your payoff timeline. Seeing your full repayment picture allows you to make informed, confident decisions about how to manage your debt.
A healthy guideline is to keep your total debt payments within 15–20% of your net monthly income. Staying within this range helps protect your cash flow, reduce financial stress, and maintain balance across the rest of your budget.
That recommended 15–20% fits inside the 60% Essentials category of your Monthly Financial Plan, ensuring your repayment strategy supports long‑term financial stability.
Essentials Breakdown
60% Essentials → 15–20% Debt Payments
Tip: Use this calculator to explore how extra payments or different payoff methods can shorten your timeline and reduce total interest.
Mortgage Calculator
How to Use the Mortgage Calculator
- Purpose of the tool
- Provides a potential idea of the total cost of owning a home.
- Does not include home repair costs, which can add to the total monthly cost of ownership.
- Information you need to enter
- The full mortgage amount (total loan).
- The annual interest rate.
- The loan term in years.
- Any extra monthly payment you plan to make.
- The semi‑annual property tax amount.
- The annual home insurance amount.
- The loan start date.
- How to use the tool
- Enter all required values into the calculator fields.
- Click Calculate to generate results.
- What the calculator will show you
- Monthly payment for principal + interest.
- Monthly breakdown of property taxes.
- Monthly breakdown of home insurance.
- The total monthly escrow amount (principal + interest + taxes + insurance).
- Total payments made with extra contributions.
- Total interest paid over the life of the loan.
- The mortgage payoff period (in months and years).
- The estimated payoff date based on your loan start date.
- Monthly breakdown
- A detailed table showing each month’s payment, principal, interest, and remaining balance.
- This breakdown can be downloaded as a spreadsheet (CSV) for further analysis.
- Clearing your data
- When you are finished, click the Clear button to remove all inputs and results so you can start fresh.
Why This Matters
This calculator helps you see the true cost of home ownership — not just the mortgage payment, but also property taxes, insurance, and interest over time. By visualizing all expenses, you can align your housing budget with the recommended 25–30% of your net monthly income guideline.
Keeping housing costs within this range helps you avoid financial strain and make confident, informed decisions. Importantly, that 25–30% falls within the 60% Essentials outlined in the Monthly Financial Plan, ensuring your mortgage fits sustainably into your overall budget.
Essentials Breakdown
60% Essentials → 25–30% Housing Costs
Tip: Use this calculator to visualize how your mortgage fits into your overall financial wellness plan.