Great Loan Calculator

I found a free online calculator, that will actually allow you to tell it what you are paying each week/bi-weekly/monthly/semi-monthly. Most online calculators tend to only ask for your interest rate and loan amount and tell you what your monthly loan payment is. Well I already know that information, what I want to know is when I will have my loan paid off based on the payments that I am actually making.
For example I found that even though I hope to pay off my car in another year, it will actually be 2.6 years based on my current payments. I would have to have basically pay my entire paycheck for the next year to make my goal of being debt-free by the end of 2008.

In addition, I have found that I can have my credit card paid off by Dec 31, going with the plan laid out earlier this month on this blog. However, if I can come up with an additional $200/month, I can have it paid off next month. That is if I can also come up with an additional one time payment of $40. This ultra fast scenario would save me $2.37 in interest.

I really like this idea, unfortunately the calculator seems to indicate it will be the only small debt that I will be able to get paid off this year. I had been hoping to see 3 loans eliminated this year, but doesn't appear to be very realistic.

However, the other 2 debts should be able to be paid off by May 2008. That means the credit card would be paid off this year in Nov. or Dec, while the home improvement and Fingerhut debts will be paid off early next year, but only if I increase the home improvement payments by $200 in Dec. or Jan. after I have paid off the credit card. If I continued paying the regular monthly payments ($75) it would take an additional year. Casting me an additional $89.48 in interest.

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Debt Elimination Payment Plan
Additional Monthly Payment Applied is 0.00

Month	Credit Card	Amerifirst	FingerHut	Car Loan
10/16/2007	$400.00	$75.00	$75.00	$400.00
11/16/2007	$400.00	$75.00	$75.00	$400.00
12/16/2007	$40.01	$434.99	$75.00	$400.00
1/16/2008	$0	$475.00	$75.00	$400.00
2/16/2008	$0	$63.47	$486.53	$400.00
3/16/2008	$0	$0	$275.42	$674.58
4/16/2008	$0	$0	$0	$950
5/16/2008	$0	$0	$0	$950
6/16/2008	$0	$0	$0	$950
7/16/2008	$0	$0	$0	$950
8/16/2008	$0	$0	$0	$950
9/16/2008	$0	$0	$0	$950
10/16/2008	$0	$0	$0	$950
11/16/2008	$0	$0	$0	$950
12/16/2008	$0	$0	$0	$950
1/16/2009	$0	$0	$0	$950
2/16/2009	$0	$0	$0	$273.85

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