Online prepayment calculator, which calculates the saved interest or reduced loan time for loans with equal principal or interest after prepayment, as well as detailed comparison information before and after prepayment.
Online prepayment calculator to calculate the interest or repayment time saved by prepayment of
housing and commercial loans. The calculation method supports equal principal and interest as
well as equal principal, and the repayment method supports full repayment and partial
Note : The prepayment report calculated by this tool does not include any penalty interest or handling fees incurred due to prepayment.
- Loan Amount : Fill in the total loan amount , the unit is ten thousand dollars.
- Loan Term : The loan duration supports customized loan terms.
- Loan Rate : The annualized interest rate of the loan, the unis is % .
- Repayment Type : The repayment method of a loan supports two methods: Equal loan payments and Equal principal payments.
- First Time : The first repayment time of the loan is in the format of 2020-01.
- Prepayment Time : When do you plan to prepayment the loan.
- Prepayment Type : Choose whether to fully repay the loan or partially prepay it.
- Prepayment Amount : The amount of prepayment should be less than or equal to the remaining principal of the loan.
- New Loan Rate : After prepayment, the new loan interest rate for the remaining loans can be the same or different from the original loan interest rate, depending on the actual situation.
- New Repayment Type : After early repayment, the repayment method of the new loan supports two methods: Equal loan payments, and Equal principal payments.
- Prepayment Plan：Select a subsequent repayment plan, supports the following four options : a. The monthly payment remains basically unchanged and the repayment period is shortened. b. The repayment period remains unchanged and the monthly payment is reduced. c. Adjust the repayment period d. Adjust the monthly payment amount. You can use interest saving and time saving metrics to compare the advantages and disadvantages of multiple options.
- Save Interest : The amount of interest saved after early repayment. The calculation method is : Save Interest = total original loan interest - repaid interest - total new loan interest.
- Save Time : The number of months of repayment saved after prepayment. The calculation method is: Save Time = original repayment months - repaid months - new loan repayment months.
- Equal loan payments : This type of amortization is common for most mortgages, auto loans and typical loans. Over the life of the loan, payments remain constant (equal installments) while the principal portion increases and the interest portion decreases.
- Equal principal payments : Create an amortization schedule for a loan that has declining interest and declining payment amounts while principal payments remain constant. Schedule for a loan or mortgage with equal principal payments and declining value of payments and interest. This type of amortization is an alternative type of payment structure. Over the life of the loan, payments decrease (decreasing installments), the principal portion remains constant and the interest portion decreases.