I want to pay down my loan early, how much additional should I pay each month to pay down the loan by the time I choose?
How much additional would you need to pay each month to pay down a loan in a certain number of years and months? Run this pay off loan calculator to find out your early loan pay off time. Enter your loan balance, your current monthly payment, the interest rate, and the desired number of years and months to pay down the loan and this extra payment calculator will show you how much additional you must pay each month to meet that loan pay off time. It also shows how much time and money you will save if you pay off the loan early vs. paying as scheduled.
A Good ‘Pay Down Loan’ Strategy is to Pay Extra Principal Every Month
One of the most common ways to pay down a loan early is to pay additional principal each month. You don’t have to pay a lot of extra each month to make a significant difference in your loan pay off time. An additional $50, or even $25 extra principal each month may make a surprising difference. You can save a lot of interest if you pay down the loan early.This pay off loan calculator is designed to tell you how much extra you should pay each month to pay down a loan in the years and months you choose. Use the Existing Loan Payoff Calculator if you know how much additional you can pay and want to see how soon you can get to that loan pay off date.
Title: A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
Lender: The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.
Loan Balance: Your current outstanding balance on this loan or credit card.
Monthly Payment: The amount of principal + interest you are currently required to pay each month toward this loan.
Interest Rate: The annual percentage rate you will pay for this loan.
Desired Payoff Time: Enter the desired number of years and/or months when the balance should be paid.
Additional Each Month: The additional amount you will pay each month (over the required ‘Monthly Payment’ amount) to pay down the principal on your loan.
Total Monthly Payment: Total monthly payment required to pay the loan by the requested ‘Payoff Time’.
Total Interest: Total amount of interest you will pay over ‘Length of Loan’.
Total Paid: Total amount of principal + interest you will pay over ‘Length of Loan’.
Actual Payoff Time: Amount of time until the loan is paid off.
Number of Payments: The number of payments you will make to pay off the loan.
Annual Cost: The amount of money you will pay each year for this loan.