Loan Pay Off Calculator for Intermittent Extra and Balloon Payments

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The Loan Pay Off Calculator on this page will calculate the revised amortization schedule when extra payments are made on an inconsistent basis.

This free online Loan Balance Calculator will create an editable monthly loan amortization schedule based on the original loan terms wherein each payment amount can be changed and/or added to.

In other words, this calculator will help you to estimate the current balance, months remaining, and interest cost difference that would result from deviating from the original loan payment schedule (making extra or balloon payments on an irregular basis).

Plus, the calculator also includes an option for displaying and printing a revised schedule of payments, which includes the principal and interest breakdown for each payment period.

If you are looking to calculate the current balance on a loan that you have been making the prescribed monthly payments on, please visit the Remaining Balance Calculator instead.

Or, if you would simply like to add an extra amount to all remaining monthly payments and you already know what the current principal balance is, please visit the Early Loan Payoff Calculator.

With that, let's use the loan pay off calculator to calculate the revised amortization schedule resulting from varying monthly payment amounts.

Loan Pay Off Calculator
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Instructions: Enter the original loan amount, the annual interest rate, the number of monthly payments, and the monthly payment amount.

Next, select the month and year of the first payment and indicate whether or not you have made the payment for the current month, then click the "Create Editable Payment Schedule" button (note that if any of the top entries are changed, the change will cause the schedule and all lower fields and results will be cleared).

Finally, edit the payment and additional fields as you see fit and then click the "Calculate Loan Payoff Revision" button.

Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the Loan Pay Off Calculator.

Help Original loan amount ($):
Help Annual interest rate of the loan (%):
Help Original loan term in months ( years):
Help Monthly principal and interest payment amount ($):
Help Month and year of first payment:
Help Did you make this month's payment?
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Help Add $ every from year to year
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Pmt #
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Month/Year
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Payment
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Additional
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Revised Balance
Terms Original Revised Difference
Help Remaining Balance:
Help Remaining Months:
Help Total Months:
Help Payoff date:
Help Interest paid:
Help Remaining interest:
Help Total interest:

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Loan Pay Off Calculator Glossary of Terms

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Original loan amount: Enter the dollar amount of the original loan, otherwise referred to as the Principal.

Annual interest rate of the loan: Enter the annual interest rate as stated on the original loan agreement. Enter as a percentage (for .06, enter 6%).

Original loan term in months: Enter the number of monthly payments as stated in the original loan agreement. Note that if you type in the number of years, the loan pay off calculator will automatically populate the payments field with the correct number of months.

Monthly principal and interest payment amount: Enter the monthly principal and interest payment as stated in the original loan agreement. If this is a home loan, be sure to exclude the insurance and tax portions of the monthly payment.

Month and year of first payment: Select the month and year you made the first payment. The loan pay off calculator will use the month and year to create a schedule of payments wherein each payment can be edited or added to.

Did you make this month's payment? If you have made the payment for the current month, select Yes, otherwise select No. Selecting Yes will increment the number of payments made by 1.

Create Editable Payment Schedule button: Clicking this button will populate the large blank window with a scrollable amortization schedule based on the loan's original terms. You can then change the listed payment amounts to their actual amounts, as well as enter any extra and/or balloon payments that you have made, or that you plan to make.

Add Additional Payments button: To automatically add a reoccurring annual extra amount to a given month's payment, enter the amount, select the month, and enter the starting and ending 4-digit years, then click the Add Additional Payments button. Note that you can perform this addition as often as you like, though be aware that any months with additions may be overwritten by subsequent additions (not added to). Also note that you must create a payment schedule in order to enable the addition buttons.

Pmt # column: This column will list the month number for each of the originally scheduled payments.

Month/Year column: This column will list the month and year for each of the originally scheduled payments.

Payment column: This column will list the original payment amount for each of the originally scheduled payments. You can change these to reflect instances where the actual payment made was more or less than amount listed.

Additional column: This column can be used to add extra or balloon payments to the loan repayment. If you have made, or expect to make, a reoccurring extra payment during the same month each year, you can use the Add Payment feature just above this section.

Revised Balance column: This will column display the revised month-to-month loan balance based on your entries in the Payment and Additional columns. Note that the loan pay off calculator will recalculate this column each time you click the Calculate Loan Payoff Revision button.

Calculate Loan Payoff Revision button: Clicking this button will recalculate the Revised Balance column, as well as the result columns below the button.

Remaining Balance result row: The first column is the estimated loan balance as of the last payment made if the original specified payments have been made. The second column is the estimated current balance taking into account any changes you made to the original payment schedule. The third column is the difference between the original and revised current balance.

Remaining Months result row: The first column is the number of monthly payments remaining if the payments have been made as originally specified. The second column is the number of months remaining taking into account any changes you made to the original payment schedule. The third column is the difference between the original and revised remaining months.

Total Months result row: The first column is the total number of monthly payments required to pay off the loan at the original terms. The second column is the total number of monthly payments required to pay off the loan at the revised payment amounts. The third column is the difference between the original and revised total months.

Payoff date result row: The first column is the month and year the loan was originally scheduled to be paid off. The second column is the month and year the loan will be paid off based on your revised payment schedule. The third column is not applicable so it remains blank.

Interest paid result row: The first column is the estimated amount of interest you would have paid to date if the original specified payments have been made. The second column is the estimated amount of interest you have paid to date based on your changes to the original monthly payment schedule. The third column is the difference between the original and revised loan interest paid to date.

Remaining interest result row: The first column is the total interest you would have left to pay if the original specified payments have and will continue to be made. The second column is the total interest you have left to pay based on your changes to the original monthly payment schedule. The third column is the difference between the original and revised loan interest left to pay.

Total interest result row: The first column is the total interest you would have ended up paying if the original specified payments have been made. The second column is the total interest you will end up paying based on your changes to the original monthly payment schedule. The third column is the difference between the original and revised loan interest costs (interest saved).

Printer Friendly Revised Amortization Schedule button: Clicking this button will open a second window containing a printable, revised amortization schedule.

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