If the calculator did not calculate a result, please let me know whether you are using a Mac or Windows computer, and which web browser and version number you are using. If it's not filled in, please enter the title of the calculator as listed at the top of the page. Since I can't test for every possible combination of numbers, please be sure to double-check the results of this calculator yourself before considering them to be valid. Please select and "Clear" any data records you no longer need. Prepayments reduce your interest costs in two ways.
Use this calculator to determine how much longer you will need to make these regular payments in order to eventually eliminate the debt obligation and pay off your loan. Loan Information Current loan balance ($). Use this loan payoff calculator to find out how early you can payoff your auto loan. See how increasing your monthly loan payment can reduce the length of your loan. Use our loan payoff calculator to calculate monthly payments or loan term at a given APR (interest rate).
A few things to note: It's important to enter the original amount of your mortgage and not your current mortgage balance. The calculator will figure where you currently stand based on how long you've been making payments. Include any closing costs that were rolled into the original mortgage — you want to enter the total amount you borrowed.
Likewise, be sure to enter your mortgage rate and not the APR in the interest rate box to get a correct report. If your payments have varied since taking out the mortgage — if you've missed payments or paid additional amounts — you can work around this by simply entering your current mortgage balance as the original loan amount and the number of years remaining on your loan in both the "years remaining" and "original mortgage term" boxes.
This will provide you with a comparative report for the remaining time of your mortgage compared to making regular payments. The "Mortgage Balances and Interest" section is a graph that compares how your mortgage principle balance will decline over time with making additional monthly payments compared to making just your regular monthly payments.
It also shows how your accumulated interest costs will accumulate over time as well for both options. Clicking on "View Report" will show full amortization schedules for both regular payments and making additional monthly payments.
You may print out this report if you wish. Looking to obtain a loan? Most mortgage lenders allow borrowers to prepay on the principal balance of their mortgage without a prepayment penalty. Paying off the mortgage balance early shortens the period of time that the mortgage is in place. Paying off your mortgage early also decreases the total amount of interest that you will pay on the mortgage. Paying off your mortgage early can potentially save you thousands of dollars.
About the Mortgage Payoff Calculator The calculator has four main sections. Using the Mortgage Payoff Calculator To use this calculator, begin by entering the years remaining on your mortgage, the length of your mortgage, the full amount you originally borrowed, the additional amount you'd like to pay each month and your mortgage rate.
The second calculator helps you work out how long it will take to pay off your loan. This calculator will help you work out how many months it will take to pay off your loan balance. Whilst every effort has been made in building these loan payment calculators, we are not to be held liable for any special, incidental, indirect or consequential damages or monetary losses of any kind arising out of or in connection with the use of the calculator tools and information derived from the web site.
These tools are here purely as a service to you, please use them at your own risk. The calculations given by the loan payment calculators are only a guide. Please speak to an independent financial advisor for professional guidance. Read the full disclaimer. A secured loan is a loan in which the borrower pledges an asset e. Due to the fact that you are borrowing money against an asset you own, the interest rates tend to be a lot lower than with unsecured loans.
That said, the risks can be higher due to the fact that your asset can be repossessed if you do not keep up the repayments. Secured loans are normally used to borrow large sums of money. Some examples include home equity, mortgages and auto loans. An unsecured loan is a monetary loan that is not secured against the borrower's assets.
Unsecured loans often take the form of credit card debt, personal loans, bank overdrafts, credit facilities or corporate bonds. You can learn more about unsecured loans in this article from Investopedia. A balloon payment is a large, lump-sum payment made at the end of a long-term loan. It is commonly used in car finance loans as a way of reducing monthly repayment figures. Be aware that once you reach the end of your loan period, that balloon amount becomes payable.
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