My Debt Elimination Calculator is an inexpensive tool that helps you make better decisions about paying off debt. Typically that debt is in the form of a mortgage, but this tool can be used to make decisions about any principal and interest (P&I) loan. The tool allows you to generate estimates of time and interest savings if you implement a HELOC (home equity line-of-credit) based system for accelerating the payoff of your debt. Using the system, it is possible to drastically reduce the time it will take to completely pay back the amount owed on a P&I loan. Consequently, you will save a lot of money by not paying extra interest. The amount of time and interest saved depends on your financial habits. If you are currently spending every penny that you make (or even worse - spending more than you make), this system will not work for you. If your income is higher than your expenses - even just a few dollars, this system can save you money. My Debt Elimination Calculator can show you how much.
My Debt Elimination Calculator can be downloaded and installed for free. You can try it out and generate estimates at no cost. However, the estimates that you generate can not be saved or printed unless you purchase an activation code.
The HELOC Based System of Debt Elimination (HBSDE)
This website is not to be used as a reference for how the system works or for how to setup the system. The purpose is to provide you with a tool to do calculations using the system. However, if you don't know what is meant by a HELOC Based System of Debt Elimination, a brief description of how it works follows. Recommended resources for more information are provided.
The HBSDE is a method for maximizing the effects of your cash flow towards paying off debt. You make use of a HELOC (or any other type of line-of-credit) to advance yourself money for making extra principal payments on a P&I loan. When the balance on your HELOC is zero – meaning you have paid it off – you withdraw an amount, called an “injection” amount, and use the injection to pay extra principal on your loan. As you receive income, you pay down the balance on the HELOC and reduce the daily impact of the interest. When you have an expense, if you don’t have money available to cover the expense (because it is being used to pay down the HELOC,) you withdraw money from the HELOC. As long as you make more money than you spend, you will eventually pay off the injection and the expenses built up in your HELOC with your income. Then you start the process over again by taking out another “injection.” The process repeats until your debt is paid off.
In effect, by implementing this system you convert your debt from loans that accrue interest once a month to loans that accrue interest daily. Because interest is now being calculated daily, you can apply your income immediately towards your debt to reduce the daily interest burden. The financial impact of this change can be very dramatic.
For much better resources on the topic, read the following books:
The following video presentation does a nice job of describing the system:
Full Disclosure: I am not affiliated with any of these resources in anyway. I have read their books and watched their videos. I have implemented the system and I am in the process of paying off my mortgage. I have written a software tool to aid my progress tracking and my decision making based on the system detailed in their materials. Each one of the resources has a name for the system which they have trademarked. Whatever they call it, it is fundamentally the same system. I call the system the "HELOC Based System of Debt Elimination." (Maybe I should get a trademark!) 
