How to Use the Debt Payoff Calculator

• 1. Select debt type:
  • - Amortizing (eg. mortgage, student loans, auto note, SBA loans, medical debt, personal loans, etc.)
  • - Revolving (eg. credit card, home equity line of credit (HELOC), etc.)
• 2. Input the relevant required characteristics for the debt:
• - Label
• - Interest Rate
• - Principal amount outstanding
• - Duration of the loan (amortizing only)
• - Prepayment amount (optional)
• 4. Click Calculate Payoff. 💸
• 5. Repeat steps 1-4 to add all your debts to the visualization.
• 6. Input your total assets and monthly income to calculate your Household Leverage Ratio (HLR) and Debt Service Ratio (DSR aka as Debt-to-income/DTI).
• 7. Generate your personalized debt Avalanche or Snowball plan (requires more than one debt).
• 8. Deep breath. You know what they say about how to eat an 🐘...