LOANS / PAY FASTER
Model how a fixed extra monthly payment can shorten a reducing-balance loan and reduce future interest without changing the quoted rate.
Use boundary
Nirmion builds the baseline payment and simulates both schedules month by month, applying interest before subtracting the regular and optional extra payment.
Both schedules apply monthly interest before subtracting the scheduled payment.
What you provide
What you receive
Use boundary
Confirm that extra payments reduce principal immediately and that the lender does not charge a prepayment fee.
This is an educational planning estimate. Confirm lender, issuer, tax, accounting, and contractual rules with the relevant provider or qualified adviser before acting.