The Debt Payoff calculator is the best way to figure out the impact of paying extra towards your debts.  If you make additional payments every month, you will pay off the loan faster and pay less in interest over the length of the loan. You can also see what your minimum monthly payment will be, based on entering the Basic information such as Principal, Loan Term, and Interest Rate. Hint: most student loan terms are 120 months (10 years), car loan terms are 60-72 months (5-6 years), and mortgages are 180 or 360 months (15 or 30 years).

Note, this calculator should not be used for Credit Cards.