By making consistent regular payments toward debt service you will eventually pay off your loan. Use this calculator to determine how much longer you will need to make these regular payments in order to eventually eliminate the debt obligation and pay off your loan. An important part of personal finance is how you manage your debt.
Ideally, you would not have any debt, but in practice, most families do. It is not likely that most persons would be able to buy a car, a house, an education, or even major appliances without having to incur some debt. Sometimes, debt may actually be desirable, especially if you could borrow money at a low interest rate to make a high-interest investment.
Debt makes everything cost more. That is just what happens when you pay for goods and services using debt. Moreover, you may be using debt without even realizing it. For a breakdown of your mortgage payment costs, try our free mortgage calculator. Get creative and find more ways to make additional payments on your mortgage loan.
Making extra payments on the principal balance of your mortgage will help you pay off your mortgage debt faster and save thousands of dollars in interest. Use our free budgeting tool, EveryDollar , to see how extra mortgage payments fit into your budget.
Consider another example. Your original loan amount is the amount you financed in a mortgage loan when you purchased a home. Your remaining loan balance is the amount you have left to pay on your mortgage loan. The loan term is the amount of time it will take to pay a debt. Loan terms are typically based on how long it will take if only required minimum payments are made. Your home equity is the difference between the value of your home and how much you owe on it.
The calculated results are intended for illustrative purposes only and accuracy is not guaranteed. Make this My Branch. Sign in View Your Account. Forgot Password? Additional Services. Refer a friend or family and earn cash! We provide a range of free services and ways to making banking easier. Community Support. Community News. Committed to making a positive impact. Member Number. Search modal. Your Recent Searches. Did you mean: But let's try once more with some tweaks Make sure all words are spelled correctly Try using fewer words Try using more general keywords Try different keywords or spellings.
But let's try once more with some tweaks Make sure all words are spelled correctly Try using fewer words Try using more general keywords Try different keywords or spellings. Schedule An Appointment. DCU Assistant. How long will it take to pay off my loan. Find out how many payments it will take to pay off a loan. How long will it take to pay off my loan? This calculator is property of CalcXML and licensed for use on dcu. It is provided as a self-help tool for your independent use.
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