Loan Repayment Calculator
This loan repayment calculator figures your monthly payment and interest cost to payoff your loan by any given date. Simply enter the amount owed, interest rate, and term. Then click the "Calculate Loan Repayment" button to get your answer.
For extra credit, this calculator also shows you how much you can save by using biweekly payments to payoff your loan.
Finally, if this calculator isn't exactly what you are looking for then try one of 6 other loan calculators or 11 debt repayment calculators here including the popular debt snowball calculator. One of these calculators is certain to meet your needs.
Loan Repayment Plan
Taking loan is very common to everybody and paying off the loan will not happen overnight. By consistently making the regular payments, you will pay off your loan eventually. Before choosing a repayment plan for your loan, it is essential that you compare and calculate how much will be your monthly or bi-weekly loan payment in a given period time and which option saves you more money. The loan repayment calculator will help you determine how much you pay for loan interest for the entire term of the loan.
How Frequent Should I Pay My Loan?
Majority of the people believe that paying their loans frequently can save them a lot of money. Not in all cases it will be true. The standard loan repayment is done on a monthly basis. But some banks offer you the option to also pay bi-weekly. If you opt to do bi-weekly payments than a monthly payment, some banks will just take your money on a semi-monthly basis and your lender will still receive your payment monthly. In this case, there is no positive effect since you will still be paying monthly to your lender. Most people who receive their pay check twice a month prefers paying on a bi-weekly basis so they can properly allocate their income. But before you choose this option, find out from your bank if there are discounts if you pay bi-weekly instead of monthly and how often do they remit the payment to your lender. Calculate and compare how much savings you make from paying interest using the loan repayment calculator.
Points To Consider For Accelerating Loan Repayments
You can pay off your loan faster by making extra payment. It you can afford to do extra payments, you will save thousands of dollars in interest in the long run. But before your arrange your extra payments, take into consideration the following:
People have different reasons for choosing their method of loan repayments. But the bottom line is everybody want to pay off their loans fast. Some people want to pay off their loans before retirement so they can enjoy their retirement years. But for most people, they are simply sick of paying their loans and that is why they want to get out from the debt trap. When you pay your loan, you don’t only make yourself attractive to lenders, your debt to income ratio will improve, you save thousands of dollars in interest and you will also obtain that peace of mind of being free from debts.
Loan Repayment Calculator Terms And Definitions
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