Prepaying part of your account
- Does not change your required monthly payment amount
- Reduces the term of your account. This may negatively affect your ‘Length of Credit History’ which impacts 15% of your FICO® Score
- Decreases your monthly interest expense
- Accelerates your savings progress
Prepaying an account simply means that you make additional payments to shorten the life of the loan. You may prepay all or a portion of your account by paying more than your regular monthly payment amount or making additional principal payments.
Subscribe 2500
$30 Extra Payment Every Month
| Monthly Payment | Monthly Savings Progress | Monthly Interest Expense | Cumulative Savings Progress | Avg. % of Payment Applied to Savings Progress | |
|---|---|---|---|---|---|
| Month 1 | $60.00 | $43.86 | $16.14 | $44 | 73% |
| Month 2 | $60.00 | $44.14 | $15.86 | $88 | 74% |
| Month 3 | $60.00 | $44.43 | $15.57 | $132 | 74% |
| Month 4 | $60.00 | $44.71 | $15.29 | $177 | 75% |
| Month 5 | $60.00 | $45.00 | $15.00 | $222 | 75% |
| Month 6 | $60.00 | $45.29 | $14.71 | $267 | 75% |
| Month 7 | $60.00 | $45.59 | $14.41 | $313 | 76% |
| Month 8 | $60.00 | $45.88 | $14.12 | $359 | 76% |
| Month 9 | $60.00 | $46.18 | $13.82 | $405 | 77% |
| Month 10 | $60.00 | $46.47 | $13.53 | $452 | 77% |
| Month 11 | $60.00 | $46.77 | $13.23 | $498 | 78% |
| Month 12 | $60.00 | $47.08 | $12.92 | $545 | 78% |
| Month 13 | $60.00 | $47.38 | $12.62 | $593 | 79% |
| Month 14 | $60.00 | $47.69 | $12.31 | $640 | 79% |
| Month 15 | $60.00 | $47.99 | $12.01 | $688 | 80% |
| Month 16 | $60.00 | $48.30 | $11.70 | $737 | 81% |
| Month 17 | $60.00 | $48.62 | $11.38 | $785 | 81% |
| Month 18 | $60.00 | $48.93 | $11.07 | $834 | 82% |
| Month 19 | $60.00 | $49.25 | $10.75 | $884 | 82% |
| Month 20 | $60.00 | $49.56 | $10.44 | $933 | 83% |
| Month 21 | $60.00 | $49.88 | $10.12 | $983 | 83% |
| Month 22 | $60.00 | $50.21 | $9.79 | $1,033 | 84% |
| Month 23 | $60.00 | $50.53 | $9.47 | $1,084 | 84% |
| Month 24 | $60.00 | $50.86 | $9.14 | $1,135 | 85% |
| Month 25 | $60.00 | $51.18 | $8.82 | $1,186 | 85% |
| Month 26 | $60.00 | $51.51 | $8.49 | $1,237 | 86% |
| Month 27 | $60.00 | $51.85 | $8.15 | $1,289 | 86% |
| Month 28 | $60.00 | $52.18 | $7.82 | $1,341 | 87% |
| Month 29 | $60.00 | $52.52 | $7.48 | $1,394 | 88% |
| Month 30 | $60.00 | $52.86 | $7.14 | $1,447 | 88% |
| Month 31 | $60.00 | $53.20 | $6.80 | $1,500 | 89% |
| Month 32 | $60.00 | $53.54 | $6.46 | $1,553 | 89% |
| Month 33 | $60.00 | $53.89 | $6.11 | $1,607 | 90% |
| Month 34 | $60.00 | $54.24 | $5.76 | $1,662 | 90% |
| Month 35 | $60.00 | $54.59 | $5.41 | $1,716 | 91% |
| Month 36 | $60.00 | $54.94 | $5.06 | $1,771 | 92% |
| Month 37 | $60.00 | $55.29 | $4.71 | $1,826 | 92% |
| Month 38 | $60.00 | $55.65 | $4.35 | $1,882 | 93% |
| Month 39 | $60.00 | $56.01 | $3.99 | $1,938 | 93% |
| Month 40 | $60.00 | $56.37 | $3.63 | $1,994 | 94% |
| Month 41 | $60.00 | $56.74 | $3.26 | $2,051 | 95% |
| Month 42 | $60.00 | $57.10 | $2.90 | $2,108 | 95% |
| Month 43 | $60.00 | $57.47 | $2.53 | $2,166 | 96% |
| Month 44 | $60.00 | $57.84 | $2.16 | $2,224 | 96% |
| Month 45 | $60.00 | $58.22 | $1.78 | $2,282 | 97% |
| Month 46 | $60.00 | $58.59 | $1.41 | $2,340 | 98% |
| Month 47 | $60.00 | $58.97 | $1.03 | $2,399 | 98% |
| Month 48 | $60.00 | $59.35 | $0.65 | $2,459 | 99% |
| Month 49 | $41.32 | $41.05 | $0.27 | $2,500 | 99% |
Note: All amounts above are estimates based on on-time loan payments, actual amounts may vary depending on timing, amount, and number of payments.
