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Lump Sum Payment Calculator to Reduce Mortgage or Loan Term


Ever wondered how much quicker you could pay off your loan if you made a lump sum payment in the middle of your mortgage term? Enter your mortgage or loan details below to calculate how many years you could save.

 

Step One: Enter your loan amount, the original term of your loan and the interest percentage rate.Loan Amount$
Original Term     years
Interest Rate     %
 

Step Two: Click the button to calculate the monthly payments based on your original term. Then, enter the lump sum payment you wish to make, and how far into the loan (in years) you make this payment.





Monthly Payments

$


Lump Sum Payment


$

When you make the Lump Sum Payment


$ years

Step Three: Click the Calculate New Term button to find out how long your loan will take to pay off based on your lump sum payment.

RESULT: Your new loan term is years

 


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