Repaying a Business Loan

Loan Information
$
%
$
Printer-friendly version
Loan Payoff Summary
If you are trying to pay down some of your business debt, you might be wondering how long it might take by making the regular payment, or what the impact might be if you increased the monthly payment each month. If you increase the monthly payment, the amount of the increase typically gets applied directly to reducing the amount owed, or principle. Reducing the amount of money you owe will reduce your interest charges each month, as the interest rate will be applied only to the outstanding loan balance. An increase in your monthly payment will lessen the amount of interest you will pay over the repayment period and shorten the number of months it will take to pay off the loan. Most loans require you to, at a minimum, cover the monthly interest costs on the outstanding balance and if it is a traditional or amortized loan, you will always be required to make the agreed upon payment at a minimum.

The information provided by Fintactix's Tools and Content is for illustrative and educational purposes only. The default figures and examples shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results or recommendations made by Fintactix content or calculations. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed. Furthermore, these calculations may not reflect the terms available for any loan, investment or other financial product that may be available at the Licensee website where you use them.