The Extra Payment option is only available when using the Debt Reduction Schedule. Select Enter from the drop down list and enter an amount to pay monthly in excess of the current payment.
Extra Payment
The Extra Payment option is only available when using the Debt Reduction Schedule. Select Enter from the drop down list and enter an amount to pay monthly in excess of the current payment.
Debt Analyzer window
For example, assume that all of the debts add up to $450.00 a month, but $550.00 is available for debt payment. Add $100.00 to the extra payment field and the $100.00 is applied to the highest priority debt.
Why add extra payments?
Because applying the extra money accelerates the loan payoff and saves even more in interest. Try it and see!