Unexpectedly Intriguing!
December 5, 2006

Are you tired of making loan payments? Have you been dragging around that student loan for far too long? Would you like to see the end of the tunnel on your mortgage?

If so, you very likely ought to consider taking steps to pay your loan off early.

Sure, you could figure out how much you have left to pay on your loan balance and pay it, assuming there aren't any pre-payment penalties for doing so, but that might require breaking the old piggy bank. If you're like us, breaking your piggy bank would mean having to give up something else for which you're saving, so the real question is how to pay off your loan as painlessly as possible?

Here at Political Calculations, we figure that the most painless way to retire a loan early is to simply add some additional cash to the regular payment and get the loan paid off earlier. That's why we've created our latest tool, which will figure out how much time you can cut off the life of your loan by increasing your regular loan payment! We'll also figure out the amount of the final payment since it may be very different from what you'll be regularly paying over the life of your loan:

Current Loan Data
Input Data Values
Your Current Payment Amount
Frequency of Payments
Loan Interest Rate (%)
Current Loan Balance
New Payment Amount Information
Your Proposed Payment Amount

Number of Remaining Payments
Calculated Results Values
Original Number of Payments Remaining
New Number of Payments Remaining
Difference in Number of Payments Remaining
Time Savings and Final Payment Amount
Time Difference (Years)
Amount of Final Payment

Here's the best part - you don't even need to go into your lending institution and renegotiate your loan. If you have no pre-payment penalties, you can simply add the increased amount to your regular payment. That way, if circumstances make it harder for you to make the increased payment, you can simply make your regular payment since that's all your lender is expecting!

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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.com

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