You can use the loan payoff calculator to estimate how much money you might be able to save and the number of months that are and shaved off the length of your personal loan by paying more on your monthly payment than your regularly scheduled amount.
Calculator Definitions
The variables used in our online calculator are defined in detail below, including how to interpret the results.
This is the original amount of the loan, also referred to as loan's principal.
Annual Interest Rate (%)
This is the annual interest rate on the loan. This is not the APR, which takes into account other costs associated with the loan.
Term of the Loan (Years)
This is original term or length of the personal loan, stated in years. The most common terms for personal loans range from 3 to 10 years.
Remaining Principal on Loan ($)
This is the remaining principal on the loan. This amount can be found on your most recent statement. If you are using this calculator for a new loan, then just enter the same amount as the Initial Loan Amount.
Additional Payment ($ / Month)
This is the additional payment that you wish to add to your personal loan payment each month.
Current Monthly Payment on Loan ($ / Month)
This is the calculated current monthly payment due on the loan.
New Monthly Payment on Loan ($ / Month)
This is the new monthly payment, which includes your existing payment plus the additional payment amount each month.
Time Remaining with Standard Payment (Months)
This is the time remaining on the personal loan if you continue to make your standard monthly payments on the loan.
Time Remaining with Additional Payments (Months)
This is the number of months remaining on the personal loan if you were to begin adding the Additional Payment amount to your Standard Payment.
Time Saved by Additional Payment (Months)
This is the number of months you would save on the personal loan by adding the Additional Payment to your Standard Payment.
Dollars to be Paid with Standard Loan Payments ($)
This is total dollars that you need to pay to your lending institution using your Standard Payment.
Dollars to be Paid with Additional Payment ($)
This is the total dollars that you need to pay your lending institution if you were to add the Additional Payment to your Standard Payment.
Dollars Saved by Making Additional Payment ($)
This is the total dollars saved by adding the Additional Payment to your Standard Payment.
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.
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