![]() This calculator will provide good results but you may want to also talk to your loan provider to get a calculation from them. In addition to the principal and interest that you pay the lender, your monthly payment may also include other expenses such as mortgage insurance premiums. (payment = principal + interest) Monthly Extra the extra amount you plan to add to your monthly payments on this loan to be applied to principal For example, if you apply for a loan of 400,000, which will be secured by a property valued at 500,000, your LVR is 80. You can likely look at your last statement to find the amounts applied to principal and interest and add these 2 numbers together. It is the amount of your loan divided by the valuation of your property, calculated as a percentage. Current Monthly Loan Payment the amount currently to be paid on this loan on a monthly basis toward principal and interest only. Make Extra Payments Calculate how much your loan term and interest will change by applying extra money to your payments each month Reduce Term (Months) Calculate how much extra you need to pay each month in order to pay off your loan early Current Loan Balance the original amount on a new loan or principal outstanding if you are calculating a current loan Interest Rate the annual interest rate (stated rate) on the loan Remaining Term (Months) number of months which coincides with the number of payments to repay the loan. Scheduled Payment: Minimum monthly principal and interest payment based on the terms of the contract. Payoff Date: Date when the loan balance is paid down to zero, adjusted for any entries you enter in Early Payoff Options. Create amortization schedules for the new term and payments. Original Loan Amount: Amount of principal owed on the loan prior to any repayment. Try different loan scenarios for affordability or payoff. Use this calculator to determine 1) how extra payments can change the term of your loan or 2) how much additional you must pay each month if you want to reduce your loan term by a certain amount of time in months.
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