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McHenry Savings Bank is proud to offer several custom selected financial tools to help our customers with their financial needs.

Please note that these tools are provided as an estimate only. They are not binding or to be used as a replacement for true financial advisement. McHenry Savings Bank welcomes you to make an appointment to discuss any financial questions. Please call us at 815-385-3000.

 

Accelerated Debt Payoff Calculator
This calculator will show you how much time and money you could save by paying off your debts using the "rollover" method. Using the rollover method, as each smaller debt is paid off, the freed-up payment amount is then applied to the next larger debt, and so on until all debts are paid off. As you are about to see, the rollover method can save you a ton of money in interest charges, and get you debt free in a very short period of time.

Instructions: Ordered from smallest balance to highest balance, enter the name, current balance, interest rate and minimum payment amount for all of your debts (up to a maximum of 10 debts). Next, enter a monthly dollar amount you could add to your accelerated debt payoff plan. Then, click the "Calculate Results" button.

Note: If you include your mortgage in your Accelerated Debt Payoff Plan, be sure to enter only the principal & interest portion of your monthly mortgage payment (don't include monthly tax and insurance portion).

Entry Columns Calculated Columns
# Creditor Principal
Balance ($)
Interest
Rate (%)
Payment
Amount ($)
Interest
Cost
# of Pmts
Left
1
2
3
4
5
6
7
8
9
10
Enter a monthly dollar amount you can add to your debt payoff plan:
Results Principal
Balance
Interest
Rate
Payment
Amount
Interest
Cost
# of Pmts
Left
Current totals: N/A
ADP totals: N/A
Time and interest savings from Accelerated Debt Payoff Plan:

 

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