This tool, officially licensed from the SMART Advisor Network, will help you understand how to calculate the interest you’re actually paying on your debts. You’ll likely be interested in knowing the actual interest rate you pay not the stated interest rate on your outstanding loans.
This SMART resource works for mortgages, auto loans, student loans, credit cards and any other form of amortized debt (debt paid over time). Please include your minimum monthly payment and not any extra payments you make to pay your debt down faster. For mortgages, only include the principal and interest portion of your payment; exclude the taxes and insurance portion of your mortgage escrow.