How to Pay Down Debt - Eliminate Debt or Invest

How to Pay Down Debt - Eliminate Debt or Invest

Should you use extra money to pay down debt immediately or invest it until there's enough to pay off the debt at once? This calculator helps you decide by comparing interest payments against potential investment returns.

The extra amount you can pay each month toward your debt or investment.
Available cash for a lump sum payment toward debt or as a deposit into your investment.
Your federal tax percentage.
Your state tax percentage.

Debt

Your current total debt balance.
The interest rate on your debt.
Your monthly debt payment (principal + interest).
Check if your interest payments are tax-deductible.

Investment

Your current investment balance.
Expected annual return on your investment.
Check if your investment earnings are taxable.