Tue 14 Jun, 2011 05:20 pm
I took a loan for 20k on 11-1-2007, my payments are 386.56, but I'm paying 400.00 every month. When is going to be my last payment, or what is the formula to find out when is going to be my last payment?
thank you, very much.
@rogelio mtz,
Just plug "loan calculator" into a google search and it'll bring up many loan calculators for your area, Rogelio. Then you just put the appropriate info into the calculator and it'll give you your answer.
@JTT,
To piggy-back on JTT's post, you'll need the principal amount of loan, your interest rate, and term of the loan (number of months). Plug in your payment amount, and presto!
@cicerone imposter,
He will also need to know how the loan agreement treats excess payments. On most home mortgages, it goes direct to principle. That is not necessairly the case here. We probably shouldn't make the assumption that that is a universal convention, and that might make the online calculator kind of approximate.
@roger,
And is there any penalty to pre-payments - some loans do have an additional penalty payment if you pay off your loan early.
@roger,
True. However, if he does the calculation as you suggested, he would know if the principal and interest are being applied properly.
@rogelio mtz,
Try out any online loan calculator. Well it makes sense to book only a lowest possible premium.
You can use the loan calculator , They clarify your all doubts .
Rogelio asked back in 2011 about his $20,000 loan with repayments of $386.56 per month.
Therefore it was probably a five year loan at 6% p.a.
It would have taken 58 months to pay that loan off at $400 per month.
A whopping two months early.
I can't help but wonder about Rogelio and how everything turned out.
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