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UUID | 451860fb-5efb-11e3-84d9-bc764e202424 |
This will do an Amortization and calculate the number of months to Payoff loan.
It will then also calculate the Amortiation with the addiitional extra amount paid each month in addition to the payment to calculate the number of months to Payoff loan when making the additional extra monthly payment.
This equation will return the number of months saved on loan if the extra monthly payment is maintained.
If the extra payment each month is left blank, this is a standard number of months to payoff, and number of months saved will be zero.
Notes
This equation is used to answer questions of the form:
What happens if I add an extra 10$ to my monthly mortgage payment; How many months will I shave off the end of my load period ?
A typical 30 year loan at 6% interest for $50,000 will have a monthly cost of around $300.
With this example; if you make an additional $10 payment each month,
it will save 30 months off the life of the loan.
Almost three years can be saved on a $50,000 30 year loan, by paying an additional 10 dollar a month.
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