Payments/Amortization

Principal:
Number of months:
Interest Rate:
Monthly Payment:

Extra Payments

Ever wondered how much quicker you could pay off your loan if you made regular extra repayments? For instance, if you are a smoker on one pack a day and you quit, you could afford to pay an extra $200 per month off your loan! With a loan of $100,000 at an interest rate of 6.20% that could save you ten years off a 25 year loan. Enter your details below to calculate how many years you could save.

Step One:
Enter your loan amount, the original term of your loan (usually 30 years) and the percentage rate. 		  Loan Amount $
Original Term years

Percentage Rate

 

%

 

Step Two:
Click the button to calculate the monthly repayments based on your original term. Then, enter how much extra you think you can pay per month (eg: if your monthly payments are $600 and you think you can afford to pay $800 then enter 200 in the extra repayments field) 		 

Monthly Repayments $

Extra Repayments

 

$

 

Step Three:
Click the Calculate New Term button to find out how long your loan will take to pay off based on your regular extra repayments and how much interest you will save.

 


 

Result: Your new loan term is years and you will save $ in interest.