To get started with the calculator, you need to know the following loan details:
- Your loan balance
- The annual interest rate on your loan
- Number of months left until the end of the loan term
Loan repayment calculator Additional payments
How does the loan repayment calculator with additional payments work?
The MU30 loan calculator is simple. You will start by entering the remaining credit amount. As an example, let’s take the default loan amount shown in the calculator as $5,000.
From there you will enter your credit per annum and remaining months term of the loan (how much time you have until the full repayment of the loan). Let’s enter 5% per annum and 12 months remaining in the term.
From there, think about how much extra you can afford to pay each month. In our example, we will enter an additional $50 each month to pay off the loan. Connect it to additional monthly payment calculator section and click calculate.
The calculator then shows that with our additional $50 in monthly payments, we will only pay $35.12 in interest in total and save $101.36 overall compared to what we would have paid without any additional payments.
Summary
This loan calculator predicts different financial outcomes for your loan if you can make monthly payments above the minimum amount. Keep in mind that Any repaying more than your minimum will save you money on interest. So be as aggressive in repaying your loan as possible!
