This early loan payoff calculator will help you to quickly calculate the time and interest savings (the "pay off") you will reap by adding extra payments to your existing monthly payment.
If you want some incentive for adding payoff amounts to your existing loan payments, picture yourself having the choice between handing an amount of cash over to an already-wealthy creditor, versus providing for a genuine need for a loved one.
Your family needs your money a lot more than your creditors do, so I urge to stop helping creditors to become richer at the expense of your family's financial well-being. Take a stand for your family -- instead of for your creditors -- by working hard to pay off your loans ahead of schedule. That way you can use the interest savings for more meaningful purposes than just helping the rich get richer.
With that, let's use the early loan payoff calculator to see just how much money you can divert from a creditor back into your own pocket.
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Principal: The balance owed. Please note that this cannot be arrived at simply by multiplying the payment amount by the number of payments remaining. That result would include the interest and principal combined. If you're unsure what your current principal balance is, make a quick call to your lender and ask for the current payoff amount.
Interest Rate: The annual interest rate is the amount the lender charges for borrowing money. Each month the lender multiplies the principal balance owed by 1/12th of the annual interest rate. This amount is then subtracted from the payment amount. The amount left after the lender takes his cut is the amount of your payment that will be used to reduce the principal balance owed.
Current monthly payment: The amount you are paying each month.
Extra payment amount: The monthly amount you can afford to add to the current monthly payment in order to pay off the balance faster and at a lower cost.
Month and Year to begin amortization schedule: If you would like an amortization schedule included in the results, select the month and enter the 4-digit year of the payment period you would like the schedule to begin. If you leave the year field blank, the payment rows in the schedule will simply be numbered 1, 2, 3, etc.