I have a car loan....:
11.9% apr(roughly) I owe 31,579.49 Loan is for 72 months. Matures in 68
Standard payments per month is 635.85
My current plan is to pay 1100 a month decreasing the paid interest and length of loan incredibly. But I came up with a different idea.
1100 a month is 635 extra a month on principle. But what if I just paid the total extra on principle I would be paying in one lump sum instead of drawing it out for a year....7620(635*12) for the whole year and then made the normal payments of 635 a month until I was able to throw another chunk at it.
I’ve been trying to find amortization apps for the iPhone and I’ve found one that allows for extra monthly payments but it doesn’t give me enough options for say like a one time extra payment.
According to my amortization app that I found I’ll be shaving off 34 months and will be saving 5704 on interests. I believe I can do better by making a lump sum payment instead of just sending extra every month. How much extra would it save me?
Is there a calculator or a link that someone could suggest?
Submitted April 15, 2019 at 02:35AM by poopiebutwhole http://bit.ly/2UI9OEg
