The result will give you a rough calculation about how much your interest can be saved on how long your loan period can be shortened. You can also plan to make extra payment regularly whether paying it monthly, quarterly, semi-annually or annually. Instead of thinking about making additional payment, you can use this calculator to calculate the impact of your extra payment to your existing loan or mortgage. In loan terms, it is called extra payment. And usually you think about this after you gain some profit in your investment, your salary is raised, or probably you won some lotteries. If you have a loan or mortgage, probably you have ever think about paying more money on top of your monthly payment to lower the amount of the total interest paid, as well as shorten the payment period over the life of the loan.
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