Existing Loan Calculator

Analyzing Your Existing Loan

Understanding the current status of your existing loans (like mortgages, auto loans, or personal loans) is key to effective financial planning. This calculator helps you analyze a loan based on its current balance and remaining term.

You can use this tool to:

• Verify Your Monthly Payment: Calculate the expected payment based on your balance, rate, and remaining term. Compare this to your actual statement (minor differences due to rounding are possible).
• See Remaining Interest Cost: Understand how much more interest you are scheduled to pay if you continue making only the minimum required payments.
• Visualize Paydown: The amortization schedule shows exactly how each future payment breaks down into principal and interest, illustrating how the balance decreases over the remaining term.
• Plan Your Payoff Strategy: By entering an optional extra monthly payment amount, you can see how much faster you could pay off the loan *from this point forward* and how much interest you could save.

How Interest Works on the Remaining Balance

Interest continues to accrue on the outstanding principal balance of your loan. Each payment you make is first applied to cover the interest that has accrued since the last payment, and the remainder goes towards reducing the principal. As the principal decreases, the amount of interest charged each month also decreases, allowing more of your payment to go towards the principal over time.

Making extra payments designated towards principal bypasses the interest calculation for that extra amount and directly reduces the balance, accelerating this process and leading to significant interest savings, especially on longer-term loans.

How to Use This Calculator

1. Enter your Current Remaining Balance accurately from your latest loan statement.
2. Input your loan's Current Annual Interest Rate (APR).
3. Enter the Remaining Term in Months (number of payments left).
4. (Optional) Enter any consistent Extra Monthly Payment amount you plan to make towards principal *starting now*.
5. Click "Analyze Loan".
6. Review the "Loan Analysis Summary" for the calculated payment and remaining interest/cost based on standard payments.
7. If you entered an extra payment, review the "Extra Payment Impact" section.
8. Examine the detailed "Remaining Amortization Schedule" showing the future payment breakdown.

Disclaimer: Estimates based on inputs provided. The calculated monthly payment is an estimate and may differ slightly from your actual statement due to lender rounding or calculation methods. Does not account for fees, insurance, taxes, or potential future rate changes on variable-rate loans. For informational purposes only; always refer to your official loan statements.