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Financial Planning -> Save Money -> Pay down your debt!Pay down non- tax-deductible debt (with over 8% interest) as quickly as possible.Try one of the loan calculators on the Calculators page, to see how much interest you can save by paying down your debt more quickly! We will assume:
Your monthly payment amount and the total interest paid will vary greatly depending on how long you take to pay off your mortgage. The following table shows that you can save almost $80,000 by paying off a $100,000 mortgage over 10 years instead of 25 years:
Tax tip: Pay down all non-tax-deductible debt with over 8% interest, then see our Save and Invest page.
Revised: January 23, 2011
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