Chopping Time Off Your Loan

Not long ago, we posted a tool that can help you figure out how much time you could chop off the length of your loan if you increased the amount of your regular payment. The tool itself is pretty simple - it takes some basic information about your loan and the new amount of your payment, then figures out the time savings.

But, what if you wanted to figure out how much you needed to increase your payment to retire your loan early by a certain period of time? For instance, if you had a four year car loan with monthly payments and you wanted to shave a year off of that, how much would you need to pay each month?

You could play the hit-or-miss trial and error game with our original tool, but we have something better for you! Our newest tool finds out what your regular payment has to be to pay your loan off early given how much time you want to save! Just enter your data into our tool below and we'll do the heavy math for you:

Loan Information
Input Data	Values
Current Balance Remaining on Loan
Annual Interest Rate (%)
Current Payment Amount
Frequency of Payments	Annually Semi-annually Quarterly Monthly Bimonthly Biweekly Weekly Daily
Desired Amount of Time to Take Off Loan (years)

Payment and Time Estimates
Calculated Results	Values
Current Number of Payments Remaining
New Number of Payments Remaining
New Payment Amount
Change in Payment Amount (Positive Value = Increase)

Now, because increasing the amount of your payment above your scheduled amount will change how much you pay in total over the life of your loan, here are the numbers and savings you might expect:

Estimates of Total Payments Remaining Over Life of Loan
Calculated Results	Values
Total Amount of Payments with Current Payment Amount
Total Amount of Payments with New Payment Amount
Difference Between Current and New (Positive Value = Savings!)

Assuming that you don't have any pre-payment penalties, paying your loan off early might make a lot of sense (or a lot of "cents" if you're a fan of really bad puns.) The only question left is whether doing so makes sense for you!