Not long ago, we posted a tool that can help you figure out how much time you could chop off the length of your loan if you increased the amount of your regular payment. The tool itself is pretty simple - it takes some basic information about your loan and the new amount of your payment, then figures out the time savings.
But, what if you wanted to figure out how much you needed to increase your payment to retire your loan early by a certain period of time? For instance, if you had a four year car loan with monthly payments and you wanted to shave a year off of that, how much would you need to pay each month?
You could play the hit-or-miss trial and error game with our original tool, but we have something better for you! Our newest tool finds out what your regular payment has to be to pay your loan off early given how much time you want to save! Just enter your data into our tool below and we'll do the heavy math for you:
Assuming that you don't have any pre-payment penalties, paying your loan off early might make a lot of sense (or a lot of "cents" if you're a fan of really bad puns.) The only question left is whether doing so makes sense for you!
Labels: debt management, tool
Welcome to the blogosphere's toolchest! Here, unlike other blogs dedicated to analyzing current events, we create easy-to-use, simple tools to do the math related to them so you can get in on the action too! If you would like to learn more about these tools, or if you would like to contribute ideas to develop for this blog, please e-mail us at:
ironman at politicalcalculations
Thanks in advance!
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