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Originally Posted by THGL
I have a loan question. Just signed a home equity loan ($20k, 10 yr., 8.49%) so I can pay off my wife's credit cards (she racked them up before we were married). Anyway, the monthly payment is $247.95. If I pay $300/mo. how much will I be saving over the life of the loan (or how much time will I cut off the 10 yrs.)?
Thanks!
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If you make payments of $300.00 per month, you'll have it paid off in about 7.5 years (90 Payments.) You'll save approximately $2636.10 in interest over the life of the loan as well.
Whenever you can afford to pay extra on any loans you have out, do so - you'll save quite a bit in interest over the life of the loan.