if(isNaN(frm.interest.value) || frm.interest.value=="") { alert("Please enter your debt annual interest rate, numberic"); frm.interest.focus(); return false; }
if(isNaN(frm.payment.value)) { alert("Please enter only numbers for your current monthly payment"); frm.payment.focus(); return false; }
if(document.getElementById('extraMode').checked) { if(isNaN(frm.extra_payment.value) || frm.extra_payment.value=="") { alert("Please enter your debt extra monthly payment, numbers only"); frm.extra_payment.focus(); return false; } }
if(document.getElementById('targetMode').checked) { if(isNaN(frm.target_years.value) || frm.target_years.value=="") { alert("Please enter target years, numbers only"); frm.target_years.focus(); return false; }
if(isNaN(frm.target_months.value) || frm.target_months.value=="") { alert("Please enter target months, numbers only"); frm.target_months.focus(); return false; } } }
Using the above “Debt Repayment Calculator” can help you determine how much you would have to pay each month, and for how long, to pay off your debt.
Enter the total amount of your unsecured debt in line 1 (all debt you have with the exception of home, car, and business loans). In line 2 enter the average interest rate you pay on your unsecured debt. Some credit cards may be at 7%, others at 12%, and some at 18%, 24%, 29% or higher. Average this out. If you do not know, use a number in the 12% to 18% range as this tends to be the average for most credit cards in these types of situations. In line 3 enter your current monthly payment.
You may then choose to see how long it will take to repay your debt given a certain monthly payment, or you may see what your monthly payment will need to be in order to pay off your debt in a certain amount of time. If you want to calculate how long it will take to repay your debt at your current monthly payment, enter “0” in the box next to “What will happen if I pay extra…”
You can re-do this calculation as often as you like, changing the base assumptions of interest rate, monthly payment and the length of your repayment plan to see how that impacts your debt repayment.
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