What prepayment does to your loan


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How will prepaying change my loan?

This calculator takes a principal amount, interest rate, normal length of the loan and either how much total a month to pay or how long you want to pay. It also calculates for credit cards and other non amortized lines of credit that use simple compounding of interest.

Enter your loan amount:		Enter the principle amount of your loan.
Your interest rate:	%	Your Loan Percentage Rate (1 to 100). Do not enter the "%" sign.
Amortized length of mortgage:	Years	Enter "0" for credit card and other non amortized lines of credit. Otherwise, enter the length of your mortgage in Years.
		Specify whether you want to do the calculation based on how long you want your loan to last or the desired monthly payment. Then, specify the appropriate value into the field.
Output Format:		Specify whether you want a summary of the results or the detailed analysis.