Extra Payment Calculator
Though we have already made some counts before deciding to apply for loans, there might be moments that we think the amount of monthly payment is too big. What should we do when we feel that way? One way to reduce the amount is to add extra payment to its basic loan. To help you count it, you can use some online assistance such as the Extra Payment Calculator online. It will be the excellent assistance in giving you some info about the additional money that you will have to pay to reduce the monthly payment of the loan. All you need to do is just enter some data and then with a single click, you will get the result.
Instead of using an online tool, you can use an excel template which already equipped with formula to help you calculate any possible amount to minimize your monthly installment. But, if you haven’t familiar with finance, you probably will get confused with the number, since the monthly calculation is not a linear calculation where the interest and basic loan won’t be paid in the same amount every month. In the beginning of loan period, you will get bigger ratio between interest and basic where the ratio will be decrease slowly over your loan period.