Loan Information Loan balance? $ Interest rate? % Monthly payment? $ Lump sum payment? $ Printer-friendly version Current Plan Monthly Payment Total Interest Months to Pay Off Payoff with Goal Payment Monthly Payment Total Interest Months to Pay Off Chart Table Interest Paid over Repayment Term Current Plan With Lump Sum Payment Total Interest Submit If you have received a lump-sum payment from an inheritance, tax refund or commission off of a large sale, you might be wondering what the best use of that money is. One thing you should consider is paying off debt, whether it be a mortgage, auto loan or credit card debt. When you pay off debt, you are receiving a guaranteed return on your money -- the amount of interest you would otherwise be paying on any outstanding balance. Depending on the type of the loan, and especially for credit cards, that return might be greater than anything you could receive by investing the money. In addition to saving interest payment, you will also repay the loan sooner, freeing up extra cash at the end.