Do you want to pay your loans off early and save on interest payments? This app will show you how much money you save AND how soon you will clear your loan under various prepaying scenarios. These prepaying scenarios include:
- paying extra over the normal monthly payment
- paying twice a month (bimonthly)
- paying every two weeks (biweekly)
- paying weekly
- paying extra over the normal bimonthly payment
- paying extra over the normal biweekly payment
- paying extra over the normal weekly payment
- paying off loan in shortened time
Loan prepayment scenarios can be calculated for many different loans. Therefore, you can add many loans in this app such as your house loan, car loan, personal loan, or home equity loan and evaluate prepayment scenarios for each of them.
The different payment amounts are also calculated for each of these prepayment scenarios. The app calculates savings for the above scenarios by using:
- any additional amount that you wish to make
- any starting month to make the additional payments
- any ending month to stop the additional payments
In other words, the effect of the additional payments can be evaluated when they are made over the life of the loan or for a certain number of months.
For definitions on what the various terms mean, double-tap on the label.