Adding Extra Monthly Debt Payments

To help pay off debt faster, an Extra Monthly Payment can be added. This Extra Monthly Payment is applied every month and follows the repayment strategy and interest rate threshold rules.

The Extra Monthly Payment will be applied to the debt payoff plan every month until there are no more debts with an interest rate above the interest rate threshold. When there are no debts remaining, or the debts remaining have lower interest rates, and the extra monthly payment will no longer be applied.

For example, if the interest rate threshold is set to 4%, then a mortgage with an interest rate of 2.49% would not receive any Extra Monthly Payments, but a vehicle loan with an interest rate of 5.99% would receive Extra Monthly Payments until that debt is paid off.