Additional Considerations for Making Extra Payments on a Loan
- To stay on track with extra loan payments, set up an automatic funds transfer for your desired date each month.
- Be realistic with your financial planning and keep additional payment amounts on track with your current income and other expenses.
- You may need to adjust your payment schedule based on job and life changes, but these minor adjustments can still help you meet your financial goals.
How Much Should I Pay?
Are you interested in lowering your debts or getting rid of them altogether? Paying off a loan early can significantly impact how much you can save in interest and frees up money to pay other bills, allowing you to increase your savings and work toward new financial goals. Setting aside a small amount each month for an extra payment can pay off for you in the long run, especially when you see how much you can save.
While any additional amount can make a difference, our extra payments calculator gives you an estimated view of how different monthly amounts will impact your repayment period.1 Any extra payments on a loan should ultimately be determined by your income, your financial goals, and your ability to continue paying for essentials, such as housing and food.
Ready to see how quickly you could pay off your loan with extra payments?
Extra Payments Calculator Key Factors
- Extra Monthly Payment: The amount you have determined is a comfortable amount to add to the original monthly payment.
- Number of Payments Made: If you are partially through the repayment of your loan, enter how many months you have been making payments.
Have questions about terms not covered? We have a glossary with more terms for you.
1Our financial calculators are provided as a free service to our Members. The information these calculators supply is from various sources based on calculations we believe to be reliable (but are not guaranteed, explicit, or implied) regarding their accuracy or applicability to your specific circumstances. All examples are hypothetical and illustrative and do not intend to provide investment advice. TDECU does not accept any liability for loss or damage whatsoever, which may be attributable to the reliance on and use of the calculators. Use of any calculator constitutes acceptance of the terms of this agreement. TDECU recommends finding a qualified professional for advice about your personal finance issues.