![]() ![]() Let's be honest - sometimes the best extra payment calculator is the one that is easy to use and doesn't require us to even know what the extra payment formula is in the first place! But if you want to know the exact formula for calculating extra payment then please check out the "Formula" box above. If you have been assessed late fees or other charges, the total saved may vary.Ĭheck out the rest of our financial calculators here on.If you start making extra payments after the loan inception date, the figure may be different. The total saved reflects the savings if you pay the same extra every month at the start of the loan.Here is some important information you should keep in mind whenever using the extra payment calculator: Factors to Consider When Using the Extra Payment Calculator All of the data entered in the fields will be saved if you press the back button that is located within the calculator. If you want to calculate how much you would save by paying more or less of an extra payment, simply press the back button and you can modify the extra payment amount. Total saved – How much you will save in interest by making extra payments consistently.With extra payment – The total cost of loan plus interest if extra payments are made. ![]()
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