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Does anyone know if there's a web calculator out there that allows one to compare the impact of higher monthly payments on a loan balance? I've just been approved for a personal loan for home improvements at a good fixed rate. The loan provider does not have any penalties for early payment. I can afford to pay more than the standard/minimum monthly payment based upon the terms of the loan. Which I intend to do.
Is anyone aware of an online calculator that let's you plug and play different numbers to see how that impacts one's payments toward the principal and interest? Essentially, just as an example, if, each month I could afford to pay $300 more than the standard monthly payment, I would want to know, over the term of the loan, how much interest that would end up saving me.
@Anonymous - thank you! Yes, that's exactly what I was looking for!