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Loan Early Payoff Calculator Definitions

Annual interest rate

Annual interest rate. Maximum interest rate is 20%.

Number of months remaining

Total number of months remaining on your original loan.

Loan term (months)

Total length, or term, of your original loan in months.

Loan amount

The original amount financed with your loan, not to be confused with the remaining balance or principal balance.

Additional monthly payment

Your proposed extra payment per month. This payment will be used to reduce your principal balance.

Current payment

Monthly principal and interest payment based on your original loan amount, term and interest rate.

Monthly prepayment amount

Scheduled payment plus additional monthly payment.

Total savings

Total amount you would save in interest if you made the accelerated payment until your loan was paid in full.

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