Amortization Schedule Calculator

You can pay off your debt. All of it. It is possible.

Getting Started

Last year after we finished Financial Peace University, we were sick of our debt.

"The rich ruleth over the poor, and the borrower is servant to the lender." Proverbs 22:7
"Deliver thyself as a roe from the hand of the hunter..." Proverbs 6:5 (Run. Hurry. Hustle out of debt, like your life depends on it.)

We still owed the bank $79,000.00 for our mortgage loan. So, we asked God to give us the work and the wisdom, and we ran from our debt like our lives depended on it.

At the end of each month, after working hard on making more and spending less, we put EVERYTHING that is left against the mortgage in one big payment.

Today we have $39,807.62 left.

Have you ever messed with an Amortization Schedule Calculator ? You plug in your debt and interest rate, and the calculator shows you how much you'll have left at the end of each month. For us, we still had 26 more years to go. Then you can say, "What if I throw an extra $100 a month at the principal?" It readjusts. "What if I throw an extra $500 a month at the principal?" It readjusts.

Eventually, you're throwing an extra $3,000.00 a month at it without blinking (our highest combined annual income was $52,000, and this year we're on track to make $58,000 combined.), and you're watching the numbers fall on your actual debt, not just on a theoretical calculator online. In a little over a year, God has given us the means to pay off half of our remaining debt!

Check out this Amortization Schedule Calculator and plug in your debt!

So you plug in your stats (this is our mortgage loan stats), and it gives you the raw facts. We borrowed $87,200. and by the bank's original schedule, we were going to end up paying $161,399. back to them. They were doubling their money, at our expense!! Um, not anymore.

If you go down the amortization schedule, to May/June 2018 (today), you'll see that if we hadn't put any extra money towards the principal of our debt, we would still owe the bank $80,000!!!!!!

But since we've been putting extra money towards the debt, we owe what we should have owed in August 2034!! That's 16 years of debt we've covered in the past year!!

You can do it too! Now go to this Amortization Calculator, and plug in your debt there.

 This calculator doesn't let you choose a day in the past that your loan starts (it's assuming you're about to get the loan, and don't already have it), but it still works the same way. It will assume your loan starts today (so put the amount you owe today, not the amount you borrowed originally, and put how many months you have left, not how many you started with) but you can click ADD EXTRA PAYMENTS and see how much faster the loan will pay off if you add extra money to the principal!

This calculator was the first glimmer of hope for us. It was the first time I saw a visual that paying extra towards the principal every month accelerates the payoff day substantially! My next blog post will be about our budget and how we spend (or don't spend) our money to have extra at the end of each month. We want to help you on your journey! What are your questions for us?!