Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
Are you deep in debt? Do you know how much debt you’re carrying and how long it will take you to pay it off? A debt calculator can help.
Millions of Americans are worried about debt because of job loss, medical bills and declining home values. But the best way to climb out of debt is to honestly acknowledge how much debt you owe and to calculate how to pay your debt off quickly.
Four types of debt calculators
A debt-to-income calculator gives a good perspective on your financial health. This debt calculator totals your monthly debts such as a mortgage, student loans and minimum credit card payments. It compares these debts against your gross monthly income to produce a debt-to-income ratio.
If your debt ratio is high, it’s time to pay off that debt. Use a debt-pay-down calculator to figure out which debts you should pay off first based upon interest rates, how much debt you need to pay off and your income.
If you only carry credit card debt, you may want to use a credit card debt calculator. A payoff is the credit card debt calculator lets you enter the total due, interest rate and payment amount or how quickly you want to pay it off.
Need extra convincing? Do you really want to pay your credit card for the next five years? Check out the credit card debt calculator for paying the minimum amount.
The mortgage debt calculator works a little bit differently because of amortization. Bankrate.com’s amortization schedule debt calculator allows you to see how quickly you can pay off your mortgage debt by adding an extra monthly, yearly or annual payment. You could own your home free and clear more quickly by using this debt calculator.
No matter which debt calculator you choose, you’ll see a big difference in your monthly income once you learn to control your debt instead of letting it control you.
Share