I’m looking to find a amortization calculator that will allow me to add a certain fixed payment amount starting somewhere in the middle of the loan. The results would tell me my new loan payoff date. For example a $15,000 loan at 5%apr for 5 years. The monthly payment is $283.07. But what if I was able to start adding $200 more per month starting at month 20. When would the loan then be satisfied as it wouldn’t take the full 60 months. It’s not as simple subtracting $200 more every month from the balance. Thanks you!!!
bankrate.com will allow these extra payments in the future.
If that doesn’t suit your needs then use a standard calculator. Go to month 20 in the amortization schedule and recalculate based on the 483 per month payment towards the remaining principle balance. This will save you money in interest but not as much as if you were to pay it in the first half of the loan.
bankrate.com will allow these extra payments in the future.
If that doesn’t suit your needs then use a standard calculator. Go to month 20 in the amortization schedule and recalculate based on the 483 per month payment towards the remaining principle balance. This will save you money in interest but not as much as if you were to pay it in the first half of the loan.
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