Monday, June 06, 2005

Making Multiple Payments a Month as Opposed to One

I might be able to do this in just another short 18 months. Based on my current debt of $19,181.98 and my average interest rate of 3.5%, I should be able to pay it off by December 2006. According to a debt payment calculator found here I can shave 3 months off of my time by making bi-weekly payments and save $60 in interest payments. Yahoo!

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http://www.free-financial-advice.net/time-to-pay-debt.html

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1 comment:

Abraham said...

You should also be able to pay a normal payment and add $100.00 extra for principal and so designated. Maybe your institution won't allow it but I would check.