The Calcxml site offers an online calculator that lets you determine how extra payments can impact any type of loan you have. Simply put in the following information:
- Original loan amount
- Annual percentage rate
- Initial term
- Number of payments already made
- Amount of extra monthly payment
This will allow the calculator to determine how the extra payments will be able to help you pay off your loan sooner. Unlike some of the other sites, this one only offers you the extra monthly payment option. So, if you wanted to play around with how different frequencies of payments can affect your loan, this may not be the tool for you. On the plus side, you can use it without putting in any email or personal information.
Nerd Wallet Early Mortgage Payoff Calculator
The Nerd Wallet calculator is made for only mortgage payments. So, if you’re looking to see how extra payments would impact any other type of loan, this is not the calculator for you. If you want to see how extra payments would impact your mortgage payment, you’ll need the following information:
- Mortgage amount
- How much you owe
- Outstanding balance
- Loan term
- Interest rate
- How many years are left on your mortgage
- How many years do you want to pay your mortgage off in
After you put in all of this information, you’ll get a detailed report that will tell you what monthly principal amount you should be making to pay off your mortgage in the time frame you wish.
This is helpful information, but the calculator is limited because it only gives the monthly extra payment option. Some people like to see how other types of payments can impact their loan. On the plus side, you don’t have to put in any contact information to get the results.
If you’re only concerned about mortgage loans and extra monthly payments, this calculator may be able to help you out.
Here’s another site that can help you figure out how extra mortgage payments can lower that type of loan. But, Mortgage Calculator is only for mortgages, so keep that in mind if you were looking for a universal loan calculator.
This calculator gives you options to determine how extra weekly, monthly, quarterly, yearly, and one-time payments can impact your loan. You need to have the following information:
- Home value
- Loan amount
- Interest rate
- Loan term
- Date of start of loan
Once you input all of that, you can then see how different payment options and amounts can impact your mortgage. You can even set a schedule with start and end dates to really help you make a plan for your extra payments. That’s one of the benefits of choosing this calculator.
Unfortunately, it can only be used for mortgages. It would be even more helpful if you could use it for other types of loans. To get your information, you don’t have to put your email or other personal information.