Debt Problems

I need assistance with a financial debt calculation, this is beyond my math skills LOL?

We are looking to become debt free. My husband and I trimmed our budget to where we have an extra $300 a month to pay off these debts. We are going to start sending the $300 plus regular payment to the lowest first then moving to the next and next with additional payments and finally paying off the mortgage. What I need help with is finding either a online calculator or some assistance on how to factor in the intrest rates and such to achieve this goal. I also would like to see what it would take to do it in 4 years. Any assistance with any of the questions is greatly appreciated. Here are our figures. Credit Card- 8% Balance- 2800 Month Payment 150 Car Loan- 8% Balance- 13,900 Month Payment 356 Mortgage- 5.9% Balance- 114,500 Month Payment 915 These payments are not including the extra $300 we would be putting into it. Thank you so much for your help

Public Comments

1. Do credit card first as it will let you "prepay". Also, if you add $300 to the $150 balance, you will have it paid off in 5 or 6 months. Car loans may not allow prepayment without penalty. You will need to check that out on the loan. They are not as easy to apply principal to outstanding balance. Also, note that mortgages (and the car loan) may allow partial prepayments, but the monthly payment won't be reduced for the loan. It simply reduces the principal balance with the effect that future payments are more principal and less interest. It can speed up the date at which your loan is paid off, but monthly payments won't change in the meantime. I personally would invest the extra $300 a month (after I pay off the credit card debt). That is especially important if you have no cash reserves. Build up some cash reserves for yourself. Also, 30 year loans at under 6% are a great financing deal (plus mortgage interest is tax deductible) and you can in all likelihood beat that 6% return in the stock market over time.
2. Bankrate has several calculators that can help you figure this out. I've attached the link at the bottom. You put in your debt, interest rates, and payments and it will do all the work for you. It gives a nice breakdown of how much of your money is being used for interest and how much for principal.