Pay-Off Date Calculator Walkthrough
Work out when a debt ends under different payments.
The Open buttons send the prompt text as currently shown below to that site only when you click. Fill in the placeholders first.
Walk me through calculating a payoff date. Balance: [BALANCE]. Annual interest rate: [RATE]. Current monthly payment: [PAYMENT]. Possible extra payments: [EXTRA_OPTIONS]. First explain the formula or iterative method in plain language, then calculate step by step for the first three months showing interest, principal, and remaining balance. Provide the spreadsheet formulas I would use in two cells (for the monthly payment and the number of periods) and the column layout for a full schedule of the first 24 rows. Run the scenarios from my extra payment options and show the months saved and interest saved in a table. Warn me when the payment is too low to ever repay the balance. Use only the numbers I gave and say so. After the scenario table, add a sensitivity check that shows what happens to the payoff date if the interest rate is one percentage point higher, and an explanation of why paying early in the month saves slightly more interest. Provide a plain-text checklist for verifying your results against a lender's statement, and tell me to trust the statement if they differ. You are teaching, not advising. Avoid telling me what to buy or sell, and note where a qualified professional should check tax or legal points for [JURISDICTION].
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