So you've decided that you are ready to pay down your debt. You gather your bills, find out how much you owe, and what your minimum monthly payment is for each bill. Now comes the hard part...answering the tough questions like "How much should I pay each month?" or "How long is it going to take me to get out of debt?"
At this point, many of us will pause for a minute and wait for a nice round number to pop into our heads (hmm...$100 a month? sounds good! lol). Well I'm offering a better solution. I created an easy Monthly Payment Calculator to help you figure out how much you should contribute each month to reach your financial goals. Just enter the amount you owe, your interest rate, and the number of payments you plan to make and find out how much your monthly payment should be to pay off your debt in that time frame. The calculator also shows you the total amount you pay back over the life of your debt, so hopefully it's an incentive to pay it down faster!
Download by clicking HERE or selecting the link under my "Helpful Tools & Downloads" page.
Let me know what you think!
Thanks! Now I can keep track of my payments, keep up the good work.ReplyDelete
You can apply the same calculation for loans. That is why mortgage monthly payment calculator is also called loan payment calculator. To be safe, make sure you stay below forty percent of your net income. For example, 40% of $4,000 comes to $1,440 mortgage payment.ReplyDelete
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