Effect of a Lump Sum Payment on a Loan

The "lump sum payment on loan" simulation calculates the dollar amount and time saved by making a lump sum payment on a loan. For example, if you have an automobile loan of $10,000 with payments amortized over a five year period, you could use this simulation to calculate how much you would save by making a lump sum payment of $2,000. You will also be able to see what your new amortization schedule will look like for the remaining term of your loan.

 

Amount Borrowed $
Annual Interest Rate
Number of Payments per Year
Amortization Period in  
Lump Sum Payment Amount $
Number of from the beginning of Loan when the Lump Sum Payment is made  

Calculations performed by Member Solutions are for illustration purposes only and are not guaranteed. Please contact us for exact figures.