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Months to Payoff w/ Extra Payment

vCalc Reviewed
Last modified by
on
Jul 24, 2020, 6:28:07 PM
Created by
on
Dec 9, 2014, 12:01:40 AM
months to payoff=Months[P,i,n,extra pay]
(P)Original loan amount
(i)Interest (i%)
(n)Loan Term
Extra Monthly Payment

This equation calculates the number of months to pay-off a loan if you add an extra payment amount each month.

INPUTS/attachments/8cd51577-7f36-11e4-a9fb-bc764e2038f2/mortgage rates (11417777596_f0b3b1bae6_o).jpg

  • P - Original amount of the loan
  • i - interest rate input as a percentage; i.e., enter 4.6 for a 4.6% interest rate
  • n - number of years in the loan term
  • extra pay - extra amount applied to payment each month

NOTES

If the extra payment each month is left blank,  the months to payoff is equivalent to the term of the loan.

REFERENCE

[1] Mortgage Rates

Source: Flickr / pallspera .com

URL: https://www.flickr.com/photos/106574022@N04/11417777596/in/photolist-bt4na6-bta5Fr-9rkHJa-ir8yTt-bnFPCn-bnFPLK-34xF6f-cxJ52Y-8ZbwRo-9ieDXV-jcnSMq-mft478-mft4bX-n7qPrA-ioX6uq-aBBXrS-dwM53V-5h3pCu-bu6vGQ-bnFUG4-5vxVyF-oowjJY-9JJdqL-n7oFxp-bZw1ym-n7qxQf-4SoKPb-mft3xT-d4mKMd-cE3rYm-4h4e1Y-4fQrFZ-6pNoDp-7LhseC-7b93oj-8rf5NG-5vxVoH-8ssfBL-cE3hX5-cE3m5w-cE3eah-cE3cCN-cE3joN-cE3dmE-cE3ohy-cE3rgN-cE3qAN-cE3fy9-cE3kdC-cE3mKh
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