How to use the debt repayment calculator:

1. Understand how long it will take you to pay off your mortgage, auto, or student loans.
2. Remaining balance – this is the amount of debt remaining on the loan..
3. Interest rate (%) – this is the amount of money you’ll need to pay for borrowing money, in addition to the loan amount. It’s usually expressed as a percentage and can be a fixed or variable rate depending on the type of loan. If you have multiple loans, run each calculation separately.
4. Monthly payment – this is the minimum payment you need to pay each month and to figure out how long it would take to pay off the loan.
5. Extra monthly payment – this is the additional amount you want to pay monthly and apply to your principal balance.