$99.99
Introducing the Debt Repayment Calculator with Pre-Payment Option by Credit Mileage – your all-in-one tool for managing and optimizing your debt payoff strategy. Built in Excel for ease of use, this powerful calculator is designed to help you stay on top of your debt, budget for new loans, and ultimately save money by paying off your debt faster.
Whether you’re tracking multiple debts or considering a new loan, this calculator gives you a comprehensive view of your financial situation. With a simple and intuitive layout, you can input loan details such as balance, interest rate, and repayment term to see a full breakdown of your payment schedule. The built-in pre-payment option allows you to explore how additional payments can reduce the overall cost of the loan, showing how much interest you’ll save and how quickly you can become debt-free.
Ideal for anyone looking to take control of their finances, the Debt Repayment Calculator helps you stay accountable and motivated as you work toward financial freedom. Whether you’re just starting your debt repayment journey or you’re looking for ways to optimize your current strategy, this tool empowers you to make smarter financial decisions and accelerate your progress.
Start paying off debt on your terms with the Credit Mileage Debt Repayment Calculator today!
The Simple and Effective Budget is a streamlined approach to managing income, expenses, and savings. It helps you track spending, prioritize goals, and gain control over your finances without complicated steps.
Begin by listing all income sources and categorizing your expenses (e.g., housing, food, entertainment). Allocate funds to each category, aiming to keep expenses within your income limits while setting aside money for savings.
It’s recommended to update your budget every pay period, or whenever there’s a significant change in your finances, like a raise or a new expense. The purpose of this Simple & Effective Budget Planner is to help you stay on top of your finances so that each pay period creates a ‘balanced’ financial picture so that money in and money out equates to zero, inclusive of money allocated to savings, investments, and debt repayment.
Yes, it’s ideal for variable income as it allows flexibility. You can budget conservatively, using your average or minimum monthly income to set realistic expense and savings targets.
Essential spending includes necessary expenses (e.g., housing, utilities, groceries). Discretionary spending includes non-essentials like entertainment, dining out, or hobbies.
If you overspend in one category, try to cut back in another to balance your budget. Tracking expenses regularly helps prevent overspending.
Start by identifying your short-term and long-term financial priorities, like building an emergency fund, paying off debt, or saving for a big purchase. Allocate a portion of your budget toward these goals each month, even if it’s a small amount. Track your progress regularly to stay motivated and adjust as needed.
This calculator helps you plan and visualize debt repayment, including the impact of extra payments (pre-payments) on your debt balance, interest, and repayment timeline.
Pre-payments reduce the principal balance, which in turn reduces the interest and shortens the time it takes to pay off your debt.
You’ll need your debt balance, interest rate, current monthly payment, and term of the loan. The calculator allows you to play around with different amounts you input for prepayment in addition to your regular payments for the loan and summarizes how much you’ll save in interest based on the amount and frequency of pre-payments / additional payments.
Yes, but each debt should be calculated separately to get the most accurate repayment plan. Consider using a debt snowball or avalanche method if you have multiple debts.
Any amount, whether monthly or occasionally, can help. Even small extra payments can reduce your debt significantly over time.
This calculator assumes a fixed interest rate. For debts with variable rates, check your rates regularly and recalculate as necessary.
The snowball method prioritizes paying off the smallest debts first to build momentum, while the avalanche method focuses on paying debts with the highest interest rates first to minimize interest costs.
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