Debt Reduction Calculator
Visitors:
This is a fully functional free software. You can use it on this page.
Webmasters:
This is free software that you can install on your site. You will find download and installation instructions below the demo on this page.
How To Use The Debt Reduction Calculator
This calculator shows works in two modes selected in "I want to know:" area. If you choose "What will happen if I pay extra" the software will calculate when you will pay off this debt and how much interest you will pay to the bank as opposed to your current debt plan.
If you choose "How to be debt-free after" option the calculator will show you how much you need to pay monthly in order to pay off your debt after the desired time period.
Your current debt balance, the annual interest of your loan and the current monthly payment are required fields.
The calculator uses monthly compounding formula which makes the results most accurate for mortgage-type loans.
Please consult your financial advisor before taking financial decisious. This calculator is for illustrative purposes and accuracy is not guaranteed. Your real loan payments may differ less or more than the ones suggested by the calculator.
Installation Instructions
Once downloaded the above script (it's only 3KB), unzip it and upload it somewhere in your web host. It's just one single PHP script so all you need to do is to upload it. Then put the following PHP code in your web page:
<?php require("debt-reduction-calculator.php"); ?>
That's all! Note that if you put the calculator in a folder, you need to include the relative path to it.
You can modify the texts in the script by editing the PHP file, just be careful not to cause parse error. If your modification fail, you can always download the original script again.
This script is completely free and you can do everything you want in it. There are no obligations at all. There is a link to this page at the bottom, but if you wish to remove it, that's ok (We will appreciate if you leave it there though).
If you are looking for similar scripts online check this investment calculator.