Use A Lump Sum To Pay Down Debt
Estimate the impact of this debt payoff approach.
It's a good approach to higher-interest debt
When you use a lump sum of money to pay down debt, you save significant money on interest charges. This is a smart move when the interest you're paying on that debt is higher than what you would earn if you put your money into savings. Use this calculator to take a closer look.
Results from this calculation are hypothetical and are for illustrative purposes only. Calculators should be used as a self-help tool only and do not consider the impact of fees that may apply. Results may not be applicable to your individual situation and do not constitute an offer. We encourage you to seek advice and guidance from a qualified professional regarding all personal finance issues. Actual terms may differ.