Keeping track of loan repayments – whether it’s a student loan, car loan, or line of credit, can be tricky. Our calculator can help assess your existing loan with a few simple details. Here you can analyze your balance and the remaining payments in your term, along with what you have paid till now. This can be helpful when a busy lifestyle means you may have lost track of your finances. Plus, you can see some of our tips to pay off your loan faster.
Your existing loan details
Understanding what you still owe on a loan is vital when working out your finances. Maybe you are considering a vacation or a big purchase and merely want to know when to go about it. This calculator will help you work out your timelines. If you have been making regular payments, you can quickly check up on the status of your loan.
This tool will also help you check how much interest you are paying. Interest rates are always changing, so it can be hard to remember what you agreed on with your creditor. If your credit score has improved or interest rates have gone down, you may be in a position to negotiate your terms.
You can also find out how much you have paid to your creditor until now. Our system can provide you with the current total of your interest and principal payments. Please continue reading for a more detailed explanation of how to use the calculator.
What is this calculator for?
The loan calculator is designed for you to assess your current loan. The calculator only requires a few details about your loan that you should be able to work out easily. The information pertains to your loan amount, your monthly payments, and loan term. This calculator is designed for loans with fixed monthly payments only.
By adding this information, you can view your remaining debt, interest rate, and the total of your payments. You can even see a detailed payment schedule with graphs and tables to illustrate your existing dues.
Can I pay off my debt quicker?
Becoming debt free sooner is possible. However, loan repayment conditions may vary by creditor. If there are no restrictions, there are many different strategies you can use to accelerate your payments.
Without having to review your budget too much, you could utilize bi-weekly payments to reduce your balance. Bi-weekly payments require you to make half a monthly payment every two weeks. With this approach, one extra month of payments are made by the end of the year. For every year of your existing loan, you will be able to shave off one month from the term length.
Another option to pay off your loan faster is to increase your monthly payments. You will have to look at your spending habits to see what funds you can free up for your payments. Then, test out different scenarios to pay off your debt faster.
If you are not able to reduce your spending, you can pay down your balance as the opportunity arises. When you get a bonus at work, a tax refund, or receive an inheritance, you can allocate it to your loan. These lump sum payments will help to reduce your balance faster.
If you are unable to increase your payments by any means, you might be able to refinance your debt. A different provider may offer a lower interest rate and be willing to buy out your current loan. Even if the new payments are smaller, you should continue with the amounts you are currently paying. Alternatively, you could put the difference into a savings account.
How to use the calculator
The calculator has two parts: an information intake and a report. You just need to provide your loan details. Let’s review this together.
Step 1: To begin you should add your total loan amount to the first line of the calculator. This refers to the original balance of the loan, which can be found in your loan agreement.
Step 2: Next, your monthly payment may be added to the second line of the calculator.
Step 3: Finally, include your term in months on the third line of the calculator, followed by the total payments left on the fourth line. That is respectively, the amount of time given to repay the loan and the number of remaining payments.
Once this has been added to the calculator, you can view your results.
You will receive various reports summarizing your existing loan information.
Immediately beside the inputs, you will be given a quick reference to the interest rate on your loan. This figure is based on your monthly payment, loan amount, and term length. Here you can also view your remaining balance.
Below the inputs are two tabs summarizing your loan balance each month and your payment schedule. The balance by month chart tracks your loan repayment, with the completed payments in green and the remaining payments in blue.
The payment schedule is a table summarizing all the monthly payments. Here you can perceive what portion of your payments are principal and interest. You can also see how the total loan balance decreases over time. All the columns in this table are easily adjusted for enhanced viewing. You can even highlight a payment by selecting it.
With this information, you can compare interest rates between creditors or make a plan to pay off your debt faster.
Remember to bookmark the existing loan calculator and save it to the home screen of your smartphone. You can return to check up on the status of your loan regularly. If you found this page useful, you can promote us to friends, family, or co-workers by using the share feature.