Because I'm dumb...need math help

[phorsenuf]

If I have a loan and owe $3,000 and my monthly payments are $50., if I pay an extra $100 a month towards the principle how much sooner would that be paid off?

 

[My3kiddos]

Depends on the length of the loan and the interest rate. Also is there an early payoff penalty?

 

[BillSears]

What's your interest rate?

Try keying the numbers in here. It should give you the answers.

http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

 

[phorsenuf]

Depends on the length of the loan and the interest rate. Also is there an early payoff penalty?

Original loan was $4410. 10 years at 9.75% Start date March 06.
No payoff penalty.

 

[phorsenuf]

What's your interest rate?

Try keying the numbers in here. It should give you the answers.

http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

It doesn't let me "start" the extra payments now, only over the term.

 

[BillSears]

OK. Assuming you have $3,000 right now left on the loan and are paying $50 a month you currently would pay off the loan in about 82 months. If you pay $150 a month you would pay this off in about 22 months.

 

[phorsenuf]

OK. Assuming you have $3,000 right now left on the loan and are paying $50 a month you currently would pay off the loan in about 82 months. If you pay $150 a month you would pay this off in about 22 months.

Cool. And If I do $200 I'm looking at less then a year?

 

[BillSears]

An extra $150 a month taking the total payment to $200 would be about 16 months to pay it off. An extra $200 a month taking the total payment to $250 would be about 13 months.

 

[phorsenuf]

An extra $150 a month taking the total payment to $200 would be about 16 months to pay it off. An extra $200 a month taking the total payment to $250 would be about 13 months.

Thanks so much!

 

[bumbershoot]

I've had fun using whatsthecost.com to see what extra payments would do to our (now gone) car payment and the (still in existence) DVC loan. it's a little weird to figure out but once you do, it's fun.