Debt-Elimination Calculator
This project was based on a concept developed by Loral Langemeier. The idea is to help people pay off their debts by using a fixed amount of money every month as part of her “5-step debt-elimination plan”. Basically, you take all of your debts and order them in order of how many months they will require in order to be paid off. You pay off the shortest-life loan first, and then apply the payment from that loan to the next, so that both payments go toward it. As each loan gets paid off, you keep adding each payment together until the longest-life loan has the full amount from all the other loans going toward it. Basically, the more your monthly payments are on your loans, the faster you end up getting your loans paid off. (Loral herself explains the concept much better than me in her book “The Millionaire Maker“.)
So what I did was create a calculator that lets people type in each of their loans and what their payments are, and then it figures out how many months it will take to be debt free under the 5-step debt-elimination plan, showing the order the loans should be paid off, and after how many months each loan will be paid. Since Loral also recommends adding a “jump-start” amount to the first loan to be paid off, users can see the effect of applying that amount each month. To check it, go here: http://inside-success.com/EdocPublisher/calculator.php
The calculator was written in php, and was my first project to involve sorting multi-dimensional arrays.
August 25 2007 11:37 pm | php projects
One Response to “Debt-Elimination Calculator”
Nick Z on 30 Jan 2010 at 12:00 pm #
I really like this. Is it available for download? This is exactly what I need for a client site.
Do you take donations for downloads?