This Prepayment Calculator shows the impact of making regular extra payments on the loan. It shows the interest savings and the number of payments saved from the repayment schedule as compared with a regular loan that has no prepayment.
The entries required by the calculator tool are utilized to calculate prepayment options. Loan Amount, Interest Rate and Loan Term (Years) are the specific loan details in place. These are required fields. The Extra Payment and Payment Frequency are fields that allow the user to view varying options for prepayment amounts.
