Setting a goal for paying off a mortgage, auto loan, credit card or personal loan makes sound financial sense. Some loans, such as a mortgage or car loan have defined repayment periods. Others do not. To reach a debt repayment goal, you will need to know what you need to pay each month. You also might want to compare it to your current repayment schedule to see how helpful reaching that goal might be.
Meet a Debt Payoff Goal
Meet a Debt Payoff Goal
Payoff with Current Payment
Monthly Payment
$ 400.00
Total Interest
$ 1,943
Months to Pay Off
42
Payoff with Goal Payment
Monthly Payment
$ 462.47
Total Interest
$ 1,648
Months to Pay Off
36
By repaying your loan in 36 months rather than 42 months, you will be saving $294 over the repayment period.