Debt Payoff Calculator Tool Overview
The Debt Payoff Calculator Tool consists of three sections:
- Form
- Results
- Add To Budget
- Share Feature
Form
This section allows you to input multiple debts for payoff analysis.
- Required Fields: Each debt must include a name, balance, and payment.
- Optional Field: Extra Monthly Payment (an additional amount to help accelerate repayment).
- Payoff Methods:
- Avalanche: Prioritizes paying off debts with the highest interest rates first (recommended for mathematical efficiency).
- Snowball: Prioritizes paying off the smallest debts first (provides moral victories but is less efficient).
Calculate:
- Once the form is completed, click “Calculate” to process the data.
- Error Handling: Any errors in the form will be displayed and block the calculation.
Results
The results provided will include:
- Months to Pay Off Debts: The total time required to pay off all debts.
- Payoff Schedule: A complete schedule detailing the payoff process.
Note: The payoff schedule is capped at 120 months (10 years) for performance reasons.
Add To Budget
- Add To Budget Button: After generating a calculation, an “Add To Budget” button will appear next to the “Calculate” button.
- Functionality: Tapping this button will add every debt entry to the Debt Information section in BudgetBuilder.
Share Feature
- Share Button: After generating a calculation, a “Share” button will appear at the top right.
- Functionality: Tapping this button will generate a PDF file for sharing.
- Access: Sharing is a premium feature.
Access
The Debt Payoff calculator is currently a free feature.