Lump Sum Loan Payment Calculator
Do you have some extra money and want to pay off your loan or mortgage? Paying a lump sum toward your mortgage will save you money on interest and shorten the life of the loan. Additionally, more of your monthly payments will go towards the balance and you will be building equity faster.
However, before you pay a lump sum towards your loan and mortgage, make sure that there are no prepayment penalties or negative tax implications. Also, note that paying down your loan will reduce your liquidity and your ability to make other investments (opportunity cost).
Please fill in the form below to calculate how much money (and time) you will save by paying a lump sum off your loan or mortgage.