#Loan calculator with extra payments plus
#Loan calculator with extra payments free

Here is some important information you should keep in mind whenever using the extra payment calculator: Factors to Consider When Using the Extra Payment Calculator All of the data entered in the fields will be saved if you press the back button that is located within the calculator. If you want to calculate how much you would save by paying more or less of an extra payment, simply press the back button and you can modify the extra payment amount. Total saved – How much you will save in interest by making extra payments consistently.

#Loan calculator with extra payments plus

With extra payment – The total cost of loan plus interest if extra payments are made.

Original total cost – The total cost of the loan plus interest if no extra payments were made.

The calculator will use all of the date you have entered and will display the following information for you to review:

Extra payment per month (how much you plan to pay extra on a monthly basis)Īfter you enter all of the figures, simply press calculate.

Annual Interest Rate (the fixed APR charged to borrow).

Years to payoff (term of the loan stated on the contract).

Loan amount (total principal of the loan stated on the contract).

The extra payment calculator allows you to enter the following figures:

You can see the savings for yourself by inputting all of the correct information in the fields above and pressing calculate. Even just an extra payment of $20 per month can make a huge different over a 30 year term. By using an advanced calculator, you can see the savings in a matter of seconds and persuade yourself to bite the bullet and pay more every time you receive your car or mortgage loan statement. Find Out How Much You Can Save With This Calculatorĭetermining how much you can save in interest when you make extra payments can be extremely difficult if you attempt to do this by hand. The savings can add up over time and total in the thousands depending on the amount borrowed, the interest rate of the loan, and the term. Why Make Extra Payments?īy making extra payments on your loan, you can pay down the principal and reduce interest charges each and every month. Unfortunately, this loan disclosure does not show the borrower what they can save in interest if they make extra payments each month to pay down the principal of the loan. When you are approved for a loan, the disclosure describes exactly how much interest you will pay over the life of the loan if you make all of your payments on time and you pay only the amount due.

#Loan calculator with extra payments free

Use our free Extra Payment Calculator to find out just how much money you are saving in interest by making extra payments on your auto, home, or other installment loans.