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Debt Restructuring Calculator for Accelerated Payoff

How to Use the Debt Pay Off Calculator

Managing multiple debts can be overwhelming, but restructuring your repayment plan can help you pay off debts quickly and save money on interest. Our debt restructuring calculator helps you visualize how different strategies, like increased monthly payments or consolidating high-interest debts, can accelerate your debt payoff. Simply input your loan details to see a customized repayment plan tailored to your financial goals.

Input Your Debt Information:

  • Creditor: Name or Description (Auto, Credit Card, Mortgage, etc.)
  • Balance: Enter the total amount owed for each creditor
  • Minimum Payment: Specify the combined monthly payments across existing debts.
  • Actual Payment:
  • Interest Rate: Input the average interest rate of existing loan
  • Enter any Additional Debt Payments:
  • Adjust Assumptions: for Debt Ordering (Highest to Lowest Interest, Lowest to Highest Balance, or Shortest to Longest Pay off Period), Interest Earned on new savings (-12%-12&)
  • Once all the information is entered, click Calculate

Once details are entered, the calculator will display:

  • New Monthly Payment: The adjusted amount based on the new loan structure.
  • Total Interest Savings: The difference in interest paid between the old and new repayment plans.
  • Estimated Payoff Date: When the restructured loan will be fully paid off.

Take the Next Step Toward Financial Freedom

You’ve explored ways to restructure your debt—now take the next step with a strategy tailored to your financial goals.

Our team can help you:

  • Review your results and identify the best debt payoff approach.
  • Reduce your monthly payments through loan term extensions or consolidation options.
  • Pay off debt faster by increasing payments, using windfalls, or refinancing at a lower interest rate.
  • Improve your financial standing by strengthening your credit score.

Let’s create a plan that works for you. Call or visit your nearest Forward Bank location to get started.

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