loan payoff schedule
Auto Loan Payoff Calculator – 3 Important Items to Have Ready
If you have an auto loan at a high interest rate – but you want to keep your car – you may be considering paying off your auto loan earlier than the scheduled final payment date.
Making car payments is a drag, but most people have no choice; it’s just what one has to do to own a car. However, if you have recently come into some extra money, you may have decided that you can dedicate more of your monthly cash flow to reducing and eventually eliminating your auto loan debt.
Of course, if you have come into a sizable sum of money, you may just be able to pay off your car loan outright. If you don’t have quite that much extra but you can afford to make additional payments each month, you will simply make larger monthly payments than required in order to eliminate that debt at a faster rate.
To consider your options intelligently, you are going to want to know what the required sum will be to pay off your loan completely. If you are in the position pay it off 100% right now, just call your lender and ask them for the “payoff balance” (this will be the outstanding principal balance, plus whatever interest has accrued since your last payment).
On the other hand, if you simply plan to make larger payments each month to pay down your loan more quickly, it is a good idea to have an auto loan payoff calculator at your disposal. Before accessing such a calculator, though, it will be important to have certain information ready at your fingertips. Here are 3 such items:
1. Information concerning your existing loan:
You will need to start by readying all of the pertinent information about your existing loan, including the original loan amount (in dollars or pounds), the loan term (in months) and the annual interest rate (a percentage).
2. Number of months remaining:
Next, figure out how many more months remain on your loan.
3. Additional amount you are willing to pay:
Finally, work out just how much extra you will be able to pay each month, in addition to (but not including) your current payment amount.
Now, you are ready to get your hands on an online calculator to figure out how much more quickly you can pay down your car loan, as well as what your savings will be to do so.
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loan payoff schedule Questions
Excel Spreadsheet help – Can you help me set up a worksheet for this?
I have to complete this assignment in the next few hours and have no idea where to begin….any help would be sincerely appreciated.
Here it is:
A man has 5 years remaining on a six year car loan, his interest rate is 8.25% and his monthly payment is $525.00. His credit union is willing to accept the present value (PV) of the loan as a payoff. Develop an amortization schedule
that shows how much he must pay at the end of each of the six years. Then create a worksheet that includes the beginning and ending balance, the amount paid on the principal and the interest paid for years two through six. Because he has paid for the first year already, determine only the ending
balance (present value) for year one.
I know this may come easy to someone but I am completely lost here. Please
help!
Thanks a million
If you have the time…you can email it to me at my yahoo address and if it is not protected I can look at it and do one of my own. Thanks…my addy is teeinno@yahoo.com
It would be hard for me to explain how I do this, but I can make a spreadsheet with all this data and arrive with the stated results. Maybe this web page can help you.
http://www.usd.edu/trio/tut/excel/
It would take me longer than a few minutes to write down the steps because I would have to atually do the speadsheet and take some notes.
Hey, I am just an educated carpenter
buying a house….foreclosed at the last minute?
We are in the process of buying a house. The seller failed to mention that he had stopped making payments. The foreclosure process began last week. We were scheduled to close yesterday but now waiting for the title to clear. I’m afraid that the payoff will not be enough to cover the seller’s original loan. Will they still sell the house to us and make him liable for the remaining amount on his loan? Can we even continue with the purchase? According to our loan officer and realtor this can be fixed and a lawyer is working on it. Anyone else been in this situation?
We wont be doing a short sale or waiting 3 months. We were supposed to be living in the house right now!
Up to his lender. I’d talk to them.
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