How much will your debt cost you over a lifetime?
A typical person will likely pay $279,002 in interest on credit purchases over the course of his or her life.
How Much Will You Pay?
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Here's what we'll use to calculate your lifetime cost of debt:
(Based on averages. Click to add your own figures)
Mortgages
Based on a 30-year fixed rate loan, and the average price of a home in ____.
Auto Loans
Based on a new car every 7 years using financing.
Credit Cards
Based on a $170 monthly payment with no new charges.
Calculate My Cost of Debt
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So you have fair credit. Now What?
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So you have good credit. Now What?
Your good credit score makes you eligible for favorable rates and terms, which means meaningful savings over time. But could you do even better? Find out if your credit is actually as good as you think. If so, we'll show you how to use it to your advantage.
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So you have excellent credit. Now What?
Your excellent credit score makes you eligible for the best rates and terms, which means meaningful savings over time. Find out if your credit is actually as good as you think. If so, we'll show you how to use that to your advantage.
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*Assumptions
Mortgage:
- 30yr fixed rate mortgage
- 4.5% interest rate
- $275K original loan balance
- Total interest over lifetime: $226,620.31
- Loan balance: $22,750 (average of new & used balances)
- Interest rate: 6.075% (average of new & used rates)
- Term: 64 mos (average of new & used terms)
- Consumer buys nine cars over lifetime
- Interest per car: $4,372.43
- Total interest over lifetime: $39,351.87 ($4372.43 x 9)
- Average revolving credit card debt: $2,171.70
- Based on 38.1% of HH with CC Debt and average balance of those with credit card debt is $5700.
- Interest rate: 15%
- Term: Assume 38% of HH carry revolving CC debt over the course of their lifetime (for purposes of model assume that period is 40 years)
- Total interest over lifetime: $13,030.20 ($325.76 x 40)