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Loan Prepayment Calculator

Making extra principal payments on a loan may help satisfy it sooner and decrease the amount of total interest paid, and thus the total cost of the loan. This calculator demonstrates the benefits of paying extra on your loan and the manner in which it will affect your loan term.
$
Must contain a number greater than 0 and less than 1 million ($).
%
Must contain a number greater than 0 and less than 100 (%).
years
Must contain a number between 1 and 30 (years).
Minimum Monthly Payment:
$
Must contain a number greater than 0 and less than 100,000 ($).
$
Must contain a number greater than 0 and less than 100,000 ($).

Results

Standard Loan
(No prepayment)
Scenario 1 Scenario 2
Principal ${{amount}} ${{amount}} ${{amount}}
Monthly Payment ${{resultPaymentMonthlyAmount}} ${{resultScenario1PaymentMonthlyAmount}} ${{resultScenario2PaymentMonthlyAmount}}
# of Payments {{resultPaymentMonthlyCount}} {{resultScenario1PaymentMonthlyCount}} {{resultScenario2PaymentMonthlyCount}}
Payment Period (in years) {{term}} {{resultScenario1PaymentYearsCount}} {{resultScenario2PaymentYearsCount}}
Interest Paid ${{resultInterestAmount}} ${{resultScenario1InterestAmount}} ${{resultScenario2InterestAmount}}
% Paid to Interest {{resultInterestPercentage}}% {{resultScenario1InterestPercentage}}% {{resultScenario2InterestPercentage}}%
Total Paid ${{resultTotal}} ${{resultScenario1Total}} ${{resultScenario2Total}}
Amount Saved $0 ${{resultScenario1AmountSaved}} ${{resultScenario2AmountSaved}}
Note:
Please note that your payment would need to be greater than the standard loan repayment in order to receive any benefits.