It is perfectly normal in this day and age to have some kind of existing loan, whether it is a mortgage loan, an auto loan, a student loan or any other kind of loan. In fact, it is common for most American adults to have multiple lines of credit to their name. Being able to calculate the sum total of all of these debts and what it means regarding how much is left to repay can enable you to effectively plan for your financial future.
Existing Loan Calculator
How to use the Existing Loan Calculator
Follow these steps:
- Collect together the paperwork you have pertaining to your loan
- Enter the loan amount – this is the full amount that you borrowed
- Enter your regular monthly payment – note: this calculator will only work if you repay the same amount every month
- Input the full term of the loan, in months
- Type in the number of monthly payments you have remaining
- Click View Report for a full breakdown of your current position, including how much you have paid already, how much of it is interest, and how much you have left to pay
- Scroll down to see the full amortization schedule of your loan – this is a table displaying how your balance decreases throughout the term of the loan.
Who is this Calculator for?
This calculator is most useful if you:
- Are halfway through repaying a loan and want to take stock of your current situation
- Want to quickly check how much interest you are paying
- Need to know how much you have repaid so far, including interest.
I’d like to refinance my mortgage or take out a home equity loan, where do I start?
Click the orange “Get FREE Quote” button above – this will take you through a brief set of questions about your financial situation and the type of loan you’re looking for. Once you are finished, you’ll get personalized rate quotes from our network of mortgage lenders licensed to do business in your area, based on the loan you want and your personal profile. All completely free of charge with no obligation! All you have to do is choose the best offer and go from there.
I want to pay off my debt quicker – what are my options?
Typically, there are three options to choose from – although not all lenders will offer them so it depends on the terms of your loan. You can opt to increase your monthly payments, switch your debt to a new provider offering a lower interest rate, or pay off some or all of the debt with a lump sum. More information and advice regarding these options can be found in our Knowledge Base.