How much interest can you save by increasing your loan payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your loan!
Loan Early Payoff Calculator
Loan Early Payoff Calculator Definitions
- Annual interest rate
- Annual interest rate. Maximum interest rate is 20%.
- Number of months remaining
- Total number of months remaining on your original loan.
- Loan term (months)
- Total length, or term, of your original loan in months.
- Loan amount
- The original amount financed with your loan, not to be confused with the remaining balance or principal balance.
- Additional monthly payment
- Your proposed extra payment per month. This payment will be used to reduce your principal balance.
- Current payment
- Monthly principal and interest payment based on your original loan amount, term and interest rate.
- Monthly prepayment amount
- Scheduled payment plus additional monthly payment.
- Total savings
- Total amount you would save in interest if you made the accelerated payment until your loan was paid in full.