Choose Add Items, create a new item and select Debt.
Enter four important figures
- The current balance.
- The regular payment amount.
- How often that payment is made.
- The interest rate.
The balance and interest rate are needed for a useful payoff projection. If the rate is missing, the calculator will warn that the result may be inaccurate.
Tip: Use the latest statement you have. If the balance changes slightly before you update it, the scenario is still a planning estimate.