Loan Interest Calculator
This loan calculator estimates how fast you can pay off your loan using different payment plans. It is a great tool to figure out ways to get out of debt.
Enter your current payment, and see how much total interest you will have paid during the life time of the loan. Now try increasing your monthly payment on your loan by $50. You will be amazed at the results. For a $95,000 loan at 7.0% if you pay $700/month, it takes you 22.5 years to pay off the loan, and you pay $93,780.03 in interest over the life time of the loan. For the same loan, if you pay $750 a month, the loan is paid off in 19.25 years , and the total interest is reduced to $78,146.45. You have saved more than 3 years and $15K. If you have a harmful habit, you have another reason to quit it!
You can use is this loan interest calculator for your home mortgage, home equity, car, school, or any other type of loan. The interest calculator can also be used to calculate payments on a 5-year, 10-year, 15-year, and 30-year loan. Replace the defaults with the parameters that are applicable to your situation. Since most loans allow you to pay more monthly than the minimum monthly payment, feel free to experiment with your monthly payment values to see how soon you can pay off your loan by putting more money towards the loan principal.
If you are interested in an interest-only loan, check out my Mortgage Interest-Only Calculator. If you are interested in paying off your home loan faster, consider refinancing to a Home Equity Loan. This is how we paid off our home mortgage.