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A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
The name of the loan's lender or credit card issuer.
Your required monthly payment for this loan. Leave it blank for credit cards unless you want to pay this amount each month regardless of what the minimum payment would be for this card.
Your current outstanding balance on this loan or credit card.
The current annual interest rate you are paying on this loan or credit card. For credit cards, you may actually have different interest rates for different balance amounts. This could happen if part of your balance came from a cash advance (many credit cards charge a higher interest rate and no grace period for cash advances), or if you made some purchases during a lower percentage promotion period, or maybe you transferred the balance from another credit card for a special low interest rate promotion.
For credit cards only - The minimum percentage (usually 2%-3%) of your outstanding balance the credit card issuer expects you pay each month. They usually calculate this for you and it shows up as the 'Amount Due' on your statement each month.
For credit cards only - The minimum percentage (usually 1%) of principal federal guidelines require you to pay each month. Your actual payment will be either just the 'Minimum Payment Percent' or the 'Minimum Principal Percent' plus interest and fees, whichever is greater. Enter 0 if your credit card is issued by a credit union or other issuer that is exempt from the 2006 federal guidelines.
For credit cards only - If your credit card has a balance and you're paying interest, there is probably a minimum amount of interest (usually $0.50 or $1.00) that will be charged for the month.
For credit cards only - The minimum amount (maybe $5.00) the credit card issuer expects you to pay each month, regardless of what the 'Minimum Percent Payment' calculates as. In other words, if the 'Minimum Percent Payment' (3%) calculation says you're obligated to pay $3.75 this month, your 'Amount Due' will actually be this amount ($5.00).
Add down the 'Balance' column.
Any additional amount (over 'Balance Total') you plan to borrow with this consolidation loan.
The amount you plan to borrow.
The annual percentage rate you will pay for this loan.
How long you will pay on this loan. Also choose whether 'Length of Loan' is years or months.
The additional amount you will pay each month (over the required 'Monthly Payment' amount) to pay down the principal on your loan.
Principal + Interest + Additional Principal (where applicable) to be paid each month.
The amount you are required to pay each month based on the loans you have entered. In the case of credit cards, where the monthly payment changes and no 'Payment Amount' has been entered for the loan, the first month's payment has been used and the strategy assumes you can continue to pay that amount each month.
Total amount of interest you will pay over 'Length of Loan'.
Total amount of principal + interest you will pay over 'Length of Loan'.
Amount of time until the loan is paid off.
The number of payments you will make to pay off the loan.
The amount of money you will pay each year for this loan.
When checked, a section will appear below the calculator showing the complete amortization table.