This free online Get Out of Debt Calculator will calculate how much time and money you could save by paying off your debts using the "rollover" method. If you have 10 or fewer debts and are not interested in the booster rocket options, please use the simplified Rapid Debt Reduction Calculator instead. In case you're not familiar with the Rollover Method of debt repayment, here it is in a nutshell. The Bend Over Method of paying off your debts is where you continue to make just the minimum payment on each debt for years to come.
The Get Out of Debt Calculator includes a scrollable list of 60 different ways you can reduce your monthly expenses.
Finally, once you complete your debt-freedom plan, be sure to write down your freedom date and the total amount you will be applying to your debts. With that, let's use the get out of debt calculator to see how much time and interest you will save by paying off your debts using the rollover method, combined with your choice of booster rockets.
Instructions: Select the month and year to start your plan and enter any monthly amount and one time amount you can add to your payoff plan. Next, for each debt you would like to include in your plan, enter the balance, interest rate and payment details, click the "Calculate Stats" button, and then the "Add" button. Next, scroll through the Booster Rockets and enter any that you would like to incorporate into your plan. When you have your plan finalized, click the "Printer Friendly Report" button to open a new window containing your plan for you to print out. Note: If you include your mortgage in the Get Out of Debt Calculator, be sure to enter only the principal & interest portion of your monthly mortgage payment (don't include monthly tax and insurance portions).
Calculate Stats button, this field will show how many payments you have remaining based on your balance, rate, and payment inputs. Calculate Stats button, this field will show how much interest you will pay on this debt between now and when you make the final payment.
Start month and year: Select the month and year you would like to begin your get out of debt plan.


I want to pay off my debts: Choose the order in which you would like to pay off your debts. 60 Booster Rockets Column: This scrollable column lists a ton of ideas for saving money to add to your get out of debt plan.
Payments: After clicking the Calculate Stats button, this field will show how many payments you have remaining based on your balance, rate, and payment inputs.
Interest: After clicking the Calculate Stats button, this field will show how much interest you will pay on this debt between now and when you make the final payment.
Months saved: This is how many months you will shave off of your debt repayment if you switch from your current Bend Over Method to the Rollover Method with booster rockets. Debt free date: This will be the date you will be debt free if you switch from your current Bend Over Method to the Rollover Method with booster rockets, and if you stick to the plan you created. Follow me on any of the social media sites below and be among the first to get a sneak peek at the newest and coolest calculators that are being added or updated each month. Plus, the calculator will also give you 60 booster rockets that you can strap to your get out of debt plan.
The RDRC also includes some important concepts to keep in mind when formulating your rollover or snowball payoff plan. As each debt is paid off, that debt's payment amount is then applied to (rolled onto) the next debt, and so on until all debts are paid off. Then, visit the Debt to Financial Freedom Calculator to see how long it will take to become financially free by investing your freed-up payments. The get out of debt calculator will automatically recalculate each time you make a change to your inputs. More in-depth explanations can be found in the glossary of terms located beneath the Get Out of Debt Calculator. This should be the current month or next month at the latest, otherwise you will need to come back to the get out of debt calculator and re-enter your debts with their new current balances.
The get out of debt calculator will automatically recalculate when changing this field, so feel free to try different amounts to see what difference each will make.


You can change the order at any time, in which case any entered debts will be resorted and your plan will be recalculated. As you add each debt it will appear in a list of debts located just beneath the calculator. The calculator will automatically recalculate when you tab out of a field you made changes to, or after selecting a time period other than monthly. If you only make the minimum payment amount, and the payment amount keeps getting smaller each month, select Declining. This field must contain a number before the calculator will allow you to add a debt, or to save changes to one you have selected for editing. This amount will be added to the first debt's payment and rolled onto the next debt as the previous debt is paid off. As you will see when you use the get out of debt calculator, the rollover method can save you a ton of money in interest charges, and allow you to get out of debt sooner than you ever thought possible. I recommend using the default setting (from lowest to highest balance) because this will insure you experience success early on in your plan. Once you have added one or more debts, this column will also allow you to make changes to debts you have entered, or delete a debt you may have entered by mistake. The get out of debt calculator will calculate what percentage your current payment is of the balance owed, and use that percentage to calculate all future payments, or $15, whichever is greater.
You can always change this number by selecting the debt from the list, making the change, clicking the "Calculate Stats" button, and then the "Save" button. Before you can add a debt to your payoff list, or save changes to a debt in your list, you must first click the Calculate Stats button. But what most people fail to realize is that if you apply that $10 monthly savings to paying off high interest debt, the savings can add up to thousands of dollars of interest savings over time.



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