Calculating my debt free date! Wow.

September 3, 2010 at 8:50 am (debt stats)

For fun, I tried calculating how much debt I’ve been paying per month, on average. I then extrapolated with my remaining debt, if I kept up the same debt payments going forward, when I’d be out of debt. See my (really intriguing) results below:

To date, I’ve paid off $13,892 in debt.
While my starting date was Oct. 2008, I didn’t actually start paying off debt until January 2009.
This makes the number of months of debt payments 20 (not 22 as it might otherwise appear).
Thus, I’ve paid $695 per month towards debt since I started.

I have $31,225 in debt remaining to pay.
Divide that by a continued assumption of paying $695/month in debt and I get
44.9 months of debt payments remaining

That’s 3 years and (rounded up) 9 months remaining until I’ve paid off all my debt.
3 years & 9 months from now is May 2014.

Wow. I’m totally on track!!! How did that happen?


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