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This calculator shows works in two modes selected in "I want to know:" area. If you choose "What will happen if I pay extra" the calculator will calculate when you will pay off this debt and how much interest you will pay to the bank as opposed to your current debt plan.
If you choose "How to be debt-free after" option the calculator will show you how much you need to pay monthly in order to pay off your debt after the desired time period.
Your current debt balance, the annual interest of your loan and the current monthly payment are required fields. The calculator uses monthly compounding formula which makes the results most accurate for mortgage-type loans.
Please consult your financial advisor before taking financial decisions. This calculator is for illustrative purposes only and accuracy is not 100% guaranteed. Your real loan payments may differ less or more than the ones suggested by the calculator.