Loan Prepayment Simulator
Simulate interest savings and term reduction from mortgage prepayments. Compare term-shortening and payment-reduction methods.
Loan Info
Prepayment Info
Before Prepayment
After Prepayment
Effect
How to Use
Enter the loan amount, interest rate, and loan term, then select the prepayment amount, timing, and method. "Term shortening" keeps the monthly payment the same while shortening the loan term. "Payment reduction" keeps the term the same while reducing the monthly payment.
About the Formula
Based on the equal payment method, the simulation calculates monthly results when a prepayment is made at the specified month. For term shortening, the prepayment is subtracted from the balance and the payoff date is calculated at the same monthly payment. For payment reduction, the prepayment is subtracted from the balance and a new monthly payment is recalculated for the remaining term.
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