You need to know the following loan details to get started with the calculator:
- Your loan’s balance
- Your loan’s APR
- The number of months left in your loan’s term
Loan Payoff Calculator Extra Payments
How the Loan Payoff Calculator with Extra Payments works
MU30’s loan calculator is simple. You’ll start by inputting your remaining loan amount. As an example, we’ll use the calculator’s default loan amount of $5,000.
From there, you’ll enter your loan’s APR and the remaining months in your loan term (how long you have until the loan needs to be completely repaid). Let’s enter a 5% APR and 12 months remaining in the term.
From there, think about how much extra you can afford to pay each month. For our example we’ll input an extra $50 each month toward your loan repayment. Plug that into the extra monthly payment section of the calculator, and click calculate.
The calculator then reveals that with our extra $50 in monthly payments we’ll pay a total of only $35.12 in interest, and we’ll save $101.36 in interest overall compared to what we would have paid without any extra payments.
Summary
This loan calculator projects different financial outcomes for your loan if you’re able to make above-minimum payments each month. Keep in mind that any repayment amount above and beyond your minimum will save you money in interest. So be as aggressive in your loan repayment as you can be!
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