Loan Repayment Calculator (extra payments)

Loan w/Extra Payments
Current Loan Balance: $
Annual Interest Rate:   %
Current Monthly Payment: $
Monthly Extra: $
Loan shortened by 1 year 1 month,
savings $455.66 in interest,
with new payments of $750.00.
Loan Change
  Current New Change
Months 48 35 -13
  4yr 0mo 2yr 11mo -1yr 1mo
Payment $550.00 $750.00 $+200.00
Total
Interest
$1,642.01 $1,186.35 $-455.66
Actual Amortization has rounding differences

Go to New Loan Schedule

Calculator Use

Use this calculator to determine 1. how additional payments can change the term of your loan or 2. how much additional you must pay each months if you want to reduce your loan term by a certain amount of time. Try different loan scenarios for affordability or payoff. Create amortization schedules for the new term and payments.

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.  How much time is left on this loan.
Current Monthly Loan Payment
the amount currently to be paid on this loan on a monthly basis toward principal and interest only.  You can likely look at your last statement to find the amounts applied to principal and interest and add these 2 numbers together. (payment = principal + interest)
Monthly Extra
the extra amount you plan to add to your monthly payments on this loan to be applied to principal

This calculator will provide good results but you may want to also talk to your loan provider to get a calculation from them.

Term Calculation

When investigating different payment amounts you can use the following formula to calculate what your corresponding number of months on the loan will be:

\[ \Large\,n=\frac{log\left[\frac{\frac{PMT}{i}}{\frac{PMT}{i}-PV}\right]}{log(1+i)} \]

where n = number of months, PMT = monthly payment, i = monthly interest rate as a decimal (annual rate divided by 100 divided by 12), and PV = loan balance (present value). log is the logarithm base 10.

Payment Calculation

When investigating different terms (months) you can use the following formula to calculate what your corresponding monthly payment amounts will be:

\[ PMT=\frac{PVi(1+i)^n}{(1+i)^n-1} \]

where n = number of months, PMT = monthly payment, i = monthly interest rate as a decimal (annual rate divided by 100 divided by 12), and PV = loan balance (present value).

 

Cite this content, page or calculator as:

Furey, Edward "Loan Repayment Calculator" From http://www.CalculatorSoup.com - Online Calculator Resource.

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