This calculator will provide good results but you may want to also talk to your loan provider to get a calculation from them. (payment = principal + interest) Monthly Extra the extra amount you plan to add to your monthly payments on this loan to be applied to principal You can likely look at your last statement to find the amounts applied to principal and interest and add these 2 numbers together. Current Monthly Loan Payment the amount currently to be paid on this loan on a monthly basis toward principal and interest only. You can then examine your principal balances by payment, total of all payments made, and total interest paid. Or, enter in the loan amount and we will calculate your monthly payment. Make Extra Payments Calculate how much your loan term and interest will change by applying extra money to your payments each month Reduce Term (Months) Calculate how much extra you need to pay each month in order to pay off your loan early Current Loan Balance the original amount on a new loan or principal outstanding if you are calculating a current loan Interest Rate the annual interest rate (stated rate) on the loan Remaining Term (Months) number of months which coincides with the number of payments to repay the loan. Enter your desired payment - and let us calculate your loan amount. Create amortization schedules for the new term and payments. Try different loan scenarios for affordability or payoff. ![]() Use this calculator to determine 1) how extra payments can change the term of your loan or 2) how much additional you must pay each month if you want to reduce your loan term by a certain amount of time in months.
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