If you’ve been struggling with debt, paying off loans quickly can save you money in the long run. Use our Loan Payoff Calculator to see how much interest you could save by speeding up your repayments.
The calculator works by estimating your regular payment plus an extra amount you’d like to pay each month. Then it calculates how many months you would shave off your term and the interest savings.
Credit Card Debt Payoff Calculator
Credit cards are a convenient way to shop, but they can also create debt problems for people who don’t have the money to pay them off. That’s why it’s important to have a plan to repay your debt and get back on track.
The credit card debt payoff calculator is one of the most useful tools to use when figuring out how much you should pay every month to reach your goals for paying off your cards. The payoff calculator lets you enter your current balance, interest rate and credit limit to see how long it will take you to become debt-free.
The credit card debt payoff calculator is especially useful if you have multiple credit cards and want to know how much you can save by making additional payments. In addition to reducing the time it takes to pay off your debt, these payments can save you hundreds and thousands of dollars in interest.
Auto Loan Early Payoff Calculator
The Auto Loan Early Payoff Calculator allows you to input the amount of extra payment you want to add to your regular payments and calculates how much time and interest savings you can expect to see by paying off your loan sooner. The results include the current lump sum payoff amount, the new payoff date, and a car loan amortization schedule with your extra payments included.
Most auto loans are simple interest loans in which the lender charges an interest rate on your principal balance each day, and you pay that interest every month. Paying off your loan early can reduce the term of your financing and significantly decrease the total amount of interest you’ll have to pay.
Mortgage Payoff Calculator
The Mortgage Payoff Calculator is a great tool to help you determine the best way to pay off your mortgage early and save on interest. The tool uses information about your mortgage’s original loan term, principal balance, annual interest rate and extra payment frequency to calculate the amount of extra payments needed and how much you’ll save on interest.
The mortgage calculator also offers a dynamic chart that shows your accelerated payoff schedule. The report also includes a comparison to the original plan, if you choose to set an additional monthly payment or make a one-time lump sum prepayment.
There are several ways to make extra payments on a mortgage, but each one has its own pros and cons. The tradeoff between extra payments and savings on interest can be a big consideration, especially if you’re trying to balance your budget.
Student Loan Payoff Calculator
The Student Loan Payoff Calculator is a great tool for helping you figure out how much you can save by paying off your loans a little bit faster. It’s easy to use, and it can help you decide if making extra payments is the right decision for you.
The calculator takes the average balance of your student loans, and it shows how long it will take you to pay off your loan by adjusting your interest rate, payment amount, and repayment plan. It also lets you see how much interest you’ll save if you make a few extra payments each month.
The tool is intended to be used for Federal Education Loans, but it can also work with private student loans as well. It calculates your monthly student loan payment by entering your estimated salary when you graduate, your current loan amount, and your expected interest rate.
