Are you interested in lowering your debts or getting rid of them altogether? Paying off a loan faster can have a big impact on how much you can save in interest, and it frees up money to pay off other bills, increase your savings and work towards new financial goals. Setting aside a small amount each month for that extra payment can pay off for you in the long run when you see how much you can save.
How Much Should I Pay?
While any additional amount can make a difference, our extra payments calculator gives you an estimated look at how different monthly amounts will impact your repayment period. The amount of any extra payments on a loan should be ultimately determined by your income, your financial goals, and your ability to continue paying for essentials, such as housing and food.
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 have to adjust your payment schedule based on job and life changes, but these small adjustments can still help you meet your financial goals.
Ready to see how quickly you could pay off your loan with extra payments?
Calculate how long it will take to pay off your loan with the TDECU Extra Payments calculator.
Our financial calculators are provided as a free service to our members. The information supplied by these calculators 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 are for illustrative purposes, and are not intended 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 you to find a qualified professional for advice with regard to your personal finance issues.