Rapid Debt-Repayment Calculator™ 2.0
New Version 2.0 includes the following new features: You can now enter up to 20 debts instead of 15. You can now enter a "Booster Amount" to speed up your RDRP™. You can now create an RDRP™ for just one debt. You can now enter debts that have identical terms. You can now view a "Balance Payoff Chart." You can now return to the entry form that contains your original entries (re-sorted).
In a single click this calculator will: calculate the number of payments remaining and interest charges for each debt with a separate chart for "Falling," "Fixed," and "RDRP™" payments, sorts the debts according to your payoff preference, creates your Rapid Debt-Repayment Plan™, summarizes all three payment plans, and finally creates a "Schedule of Payments" chart that you can use to mark off each payment as you make them. The RDRP™ result page will also tell you how much interest you will save as a result of following through on your plan. Plus, on the bottom of the RDRP Calculator™ you will also have the option to see how your freed-up debt payments will grow if you start investing them once you become debt free. Instructions: 1. Select your preferred payoff sort order. 2. Starting with the first line of entry fields, enter each one of your debts, along with their corresponding principal balances, interest rates, and monthly payment amounts. Indicate whether each debt's payment is a "Fixed" amount (if you have been paying the same amount each month) or a "Falling" amount (if you have been making declining, minimum monthly payments). 3. If you selected "Custom" as your preferred payoff sort order, be sure to enter a unique number in the far, left-hand column to indicate in what order each debt is to be paid off in. 4. Select the Month and Year you want to start your RDRP™. 5. If you can afford to allocate additional funds to your RDRP™, enter a monthly "Booster Amount" in the field located at the bottom of the form. 6. Once you have all your debts entered and labeled as being either "Fixed" or "Falling," click on the "Generate My Rapid Debt-Repayment Plan" button. After calculating if you wish to return to this page with your numbers still appearing as entered (re-sorted), be sure to click the link titled "Return to Debt Entry Form to Make Changes" that is located at the bottom of RDRP™ Payoff Chart. Using the "Back" button or a bookmark/favorite to return may clear all of your entries. Please note that if you wish to save your debt information and/or track your debt balances as you make payments, check out the even more amazing "Rapid Debt-Repayment Plan Manager™ (RDRPM™)". For detailed instructions for each column, scroll down to the instructions located beneath the calculator. Demo Only: The demo report will be based on the original entries regardless of what changes you make. In the official version (located in the members only section) the reports will be based upon the numbers you enter.
Order of Payoff: Shortest Payoff to Longest Payoff Highest Interest Rate to Lowest Interest Rate Custom - Enter Numbers in Far Left Column
Custom Sort Order	Payment Description	Principal Balance	Interest Rate	Payment Amount	Fixed Pmt Amt	Falling Pmt Amt
1
2
3
4
5
6
7
8
9
10
Custom Sort Order	Payment Description	Principal Balance	Interest Rate	Payment Amount	Fixed Pmt Amt	Falling Pmt Amt
11
12
13
14
15
16
17
18
19
20
Select month and Year to start your plan: January February March April May June July August September October November December 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 (Note: Payments will begin the month following the selected month.)
Enter a monthly "Booster Amount" to speed up your plan:

Column Entry Instructions

Custom Sort Order: Leaving this column blank will conform your results to the Rapid Debt-Repayment Plan™ as Mary Hunt created it and will give you the plan she recommends you follow. On the other hand, if chose the "Custom" payoff sort method, enter a unique number for each debt to indicate in what order you wish each debt to be paid off.

Payment Description: Enter the name of the creditor. Be as brief as possible to keep the report tables from wrapping.

Principal Balance: This is the amount required to pay-off the debt today. If the debt is a regular installment loan (comes with a payment book) you may need to contact your lender and ask for current payoff amount.

Interest Rate: Enter the debt's annual rate of interest (APR). Enter a percentage figure (10.5) rather than a decimal number (.105).

Payment Amount: Enter the amount of your next payment.

Fixed Pmt Amt: If you have been paying a fixed amount each month, leave this as the selected type of payment.

Falling Pmt Amt: If you have been making declining minimum payments, such as those typically offered by credit card companies and other revolving credit merchants, click on this column's radio button to select "Falling" instead of "Fixed." The RDRP Calculator™ uses "$10 or 2.5% of the balance, whichever is greater" for computing interest costs on debts with Falling payments. In cases were the computed minimum payment is greater than the payment amount you entered, the calculator will use your entered payment amount until the computed minimum payment amount drops below the entered payment amount.

Booster Amount: Enter a monthly amount of additional funds you wish to apply to your RDRP™. As the name implies, adding additional funds to your monthly debt reduction is like putting a booster rocket on your RDRP™. The RDRP Calculator™ will apply the full booster amount to the first sorted debt until it's paid off, then the second, then the third, and so on.

Frequently Asked Questions

Question: What do I do if my credit card has two or more different interest rates?

Answer: You can handle this in one of three ways: The preferred method is to ignore the lower rate and apply the higher rate to the entire balance. This method the builds a cushion into your RDRP™ and will likely result in you becoming debt-free earlier than you expected! The second method would be to use the average of two rates. The third method would be to list the individual balances separately, splitting the payment between the two based on the percentage the balance of each represents the total balance owed. But remember, no matter what method you choose the most important thing is to have a plan -- and then begin following it.

Question: Why would I choose to pay off debts based on length of payoff as apposed to highest to lowest interest rates?

Answer: The reason Mary suggests paying off shorter term debts first -- versus highest interest rate debts -- is because her method provides for small victories (paid-off debts) much earlier in the plan, which helps to increase confidence, gain momentum and increase commitment to stick with the plan. And sticking with the plan is, after all, the most important aspect of the RDRP™ concept.

If you were to get discouraged and stop working the RDRP™, then of course it doesn't matter which method you were using. I guess it all boils down to where you want to place the biggest hurdle -- at the beginning, or at the end -- where you're most likely to have the confidence and momentum to clear it.

The most important thing to keep in mind is that Mary's Rapid Debt-Repayment Plan (rolling paid-off debt payments onto other debt payments) is the engine that will get you to debt-freedom -- with or without a calculator, and regardless of how you sort the debts for payoff. The RDRP Calculator™ merely helps you to track your progress and provides incentive by showing how much interest and time can be saved by following the plan.

Question: How do I enter a debt to which I am making biweekly payments?

Answer: In order to use biweekly payments in the RDRP Calculator™, you will need to convert the biweekly payment into a monthly payment. Since there are 26-biweekly periods during a 12-month period, you would need to multiply your bi-weekly payment by 26 and then divide that result by twelve. For example, if your biweekly payment were $35, the monthly equivalent would be $75.83 ($35 times 26 equals $910 per year, $910 divided by 12 equals $75.83 per month). A shortcut method would be to simply multiply your biweekly payment amount by 2.1667 ($35 X 2.1667 = $75.83). Note that because paying biweekly ends up saving a little bit of interest in the long run, the conversion won't be a hundred percent accurate, but it will get you to within a few dollars of the actual interest charges.

The "Rapid Debt-Repayment Plan Manager™ (RDRPM™)" is set up to accept biweekly payments.

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