This calculator will show you how much money you can save and how quickly you can be * debt free* using the “rollover” method. The “rollover” method of becoming debt free consists of putting all available funds toward one debt until it is paid off. After the first debt is paid, you put all available funds toward the second debt until it is paid off, and so on. The process continues until all of your debts are paid off.

The *Debt Free Calculator* will show you how powerful focused effort can be toward eliminating your debts. By focusing all your resources on one debt at a time, you can save enormous amounts of time and money and become debt free much faster than you would otherwise. Check out our article on the rollover method of debt reduction to learn about the inner workings of the Debt Free Calculator.

## Debt Free Calculator Instructions

- Enter the balance, interest rate, and minimum payments of up to 10 separate debts in the fields provided. Do not fill in the columns labeled “Interest Cost” and “# Payments Remaining” as those will be calculated for you.
- Next, fill in the “Discretionary Income” field. Include in this field any extra money you have available
*per month*, over and above your minimum payments, that you can pay toward your debts. - Once you’ve filled in the balance, interest rate, minimum payment for your debts, and your discretionary income, press the
button to get your results.**Go!**

## How to Read Your Results

- Your summary results are displayed in the bottom section of the form entitled, “
*Current Debt Plan Vs Accelerated Debt Plan*.” - The first row labeled,
*Current Totals*displays your summary results making minimum payments on your debts. - The second row labeled,
*Accel. Totals*displays your summary results under the accelerated debt free plan. If you aren’t familiar with how the Accelerated Debt Free Plan works, check out this article for a brief tutorial. This is the total amount of your debts and will be the same under both repayment plans.**Balance –**represents the percentage of money borrowed that is paid in interest. For example, if your outstanding debts total $150,000 and, over the course of repayment, you pay $150,000 in interest, “Interest as % of Balance” would be 100% because the amount of interest you will pay is equal to the amount borrowed.**Interest as % of Balance –**is the total of your monthly debt payments. The**Monthly Payment –***Accel. Totals*monthly payment will be greater if you included discretionary income from Step 2 above.This is the total amount of interest you will pay over the life of your debts and most people think it’s surprisingly high, but trust us, it is 100% correct.**Interest Cost –**This is the total number of payments, or months, you have left to pay on your debts.**# Payments Remaining –**- The very last row, labeled, “Time and interest savings with accelerated debt payoff plan” shows you how much time and interest you will save by using the Accelerated Debt Payoff Plan as opposed to making minimum payments.

## The Last Two Calculator Buttons

You’ll notice there are two more buttons at the bottom of the Debt Free Calculator labeled, “View Monthly Pymt Schedule,” and “View Yearly Pymt Schedule.” These two buttons will show you amortization schedules for the Accelerated Debt Payoff plan so you can see how your payments, balances, and interest costs are affected by the plan. The two buttons allow you to chose to view the amortizations schedules by month or by year.

## Javascript Required

Last, but not least, you must have Javascript enabled on your web browser in order to properly utilize the Debt Free Calculator as it is. Don’t worry, the vast majority of internet users already have Javascript enabled, but if you find that the Debt Free Calculator isn’t quite working as expected, you’ll want to check your Javascript settings on your web browser. Here’s a quick how-to on how to check Javascript settings on most web browsers.…