Along with the seemingly endless task of keeping track of monthly bills, the struggle with significant debt can be, to say the least, daunting. Although you may feel defeated in this situation, it’s just a financial problem – and possibly an answer you have not thought about yet. You have the opportunity to change your situation, end the madness and the unbearable payment cycle once and for all.
With monthly minimum payments, the symptoms can be temporarily alleviated. But this tactic does not solve the problem below the surface. You have to dig deeper to find a more permanent solution – you have to wage war against your debts.
To be educated and aggressive is the best way to finally throw the big bad wolf of debts to the side of the road. Start evaluating your loans with a loan payment calculator today.
The debt repayment calculator works for new and existing loans of all kinds. With this simple and proven method, you can settle your debts much earlier and save money.
So let’s look closely at how this debt settlement calculator can help you save and shorten the years of your loans.
Many people simply stick to old-fashioned monthly loan payments. The Two-week repayment calculator for loans provides you with an easy way to reduce debt and reduce the time it takes to achieve debt freedom. For bimonthly payments, you pay half of your fixed monthly loan payment every two weeks instead of paying the usual lump sum once a month. This means that you end up paying 13 full payments a year instead of 12. Withdrawals from your account every other week fit well with paychecks and your monthly budget, while an additional half payment twice a year for the principal amount will reduce the interest over the amount of the loan. You may need to do more research on how bimonthly payments work.
This one additional payment per year can lead to significant savings. You can shorten the term of your loan, reduce the amount of interest and cut capital faster, which helps you save money and provide financial security. Let’s say you have a $ 250,000 30-year mortgage with an interest rate of 4.25%. If you pay biweekly instead of monthly, you will receive interest over the term of the loan of more than $ 30,000 and repay the loan 52 months ahead of schedule.
The savings do not stop at your home. See what happens when you connect your car loan to a car loan repayment calculator. For a $ 30,000 car funded for 4.75% for 60 months, you can repay your loan four months early and save interest.
With a loan repayment calculator, you can easily initiate an automatic payout every two weeks and set off for debt relief!