Determine a Lump Sum to Pay Down Debt
Paying off a large chunk of debt with a lump sum is very beneficial, even though it maybe not be the most glamorous way to utilize your extra funds.
Using a large amount of money to decrease your overall debt can lower your interest rate substantially and lower the total amount that you will pay in the long run. Whether the lump sum is your savings, a tax refund, inheritance, or year-end bonus, your financial future will thank you. Use our calculator below to see how much you’ll save in the long run.
The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.