Payment plan
An early-payment plan
You combine what you can set aside: an amount every month, a bonus every year and one-off payments, at the installment you choose. See the plan on the chart, each payment marked.
Example values: replace them with yours and press Calculate.
Months saved
111 months
New end: —
Interest saved
RON 93,620.72
Total paid in extra
RON 67,800.00
The monthly amount, the yearly one and the one-off payments, as applied.
Your plan
- RON 100.00 extra every month, from installment 1
- RON 3,000.00 once a year, the first time after installment 12
- RON 10,000.00 now, before the first installment
- RON 15,000.00 after installment 24 (—)
| The loan without and with the payment plan | Current situation | With your plan |
|---|---|---|
| Monthly installment | RON 1,450.07 | RON 1,450.07 |
| Remaining installments | 240 | 129 |
| Payoff date | — | — |
| Remaining total interest | RON 168,016.26 | RON 74,395.54 |
- Without a plan
- With your plan
Move the pointer over the chart or use the ← → arrow keys to see the values.
▲ A month with a yearly or one-off payment (hover for the amount)
- Principal
- Interest
The figures by year
| Year | Principal | Interest |
|---|---|---|
| 1 | RON 9,056.18 | RON 12,544.63 |
| 2 | RON 24,759.24 | RON 11,841.57 |
| 3 | RON 11,681.36 | RON 9,919.45 |
| 4 | RON 12,588.22 | RON 9,012.59 |
| 5 | RON 13,565.47 | RON 8,035.34 |
| 6 | RON 14,618.60 | RON 6,982.22 |
| 7 | RON 15,753.48 | RON 5,847.34 |
| 8 | RON 16,976.46 | RON 4,624.35 |
| 9 | RON 18,294.39 | RON 3,306.43 |
| 10 | RON 19,714.63 | RON 1,886.19 |
| 11 | RON 12,991.97 | RON 395.44 |
The link carries your figures in its address: anyone who opens it sees the same calculation.
How it is calculated
The plan is applied month by month. Each month the installment is paid, then, where it applies, the extra monthly amount and, in the months you chose, the yearly bonus or a one-off payment. Everything above the installment comes off the debt, and the interest of the following months is calculated on the smaller balance.
One-off and yearly payments can do two things, your choice: “The term” keeps the installment and shortens the loan; “The installment” keeps the term and recalculates the installment after each large payment. The extra monthly amount always shortens the term.
The result is compared with the loan without any plan: months saved, interest saved and the total paid in extra. If you have a commission, it applies to every extra amount and comes off the saving.
Questions about the payment plan
Can I combine all three kinds of payment?
Yes. You can have a monthly amount, a yearly bonus and up to 12 one-off payments in the same plan. You must fill in at least one.
What does “installment no. 0” mean?
It means a payment made now, before the first installment. Installment no. 12 means after the 12th installment, a year from today.
Is it better to pay early or to pay more?
Amounts paid earlier save more interest than the same amounts paid later, because interest accrues on the remaining balance. Try it in the plan: move a payment from installment 12 to installment 60 and compare the saving.
Does the plan allow for the rate changing?
No. The calculator assumes the same rate for the rest of the loan. If your rate changes, redo the calculation with the new rate and the balance at that time.
More loan calculators
- PrepaymentHow much you shorten the loan or lower the installment if you pay a sum now, with a commission and two scenarios side by side.Open →
- Extra monthly paymentHow much you save by adding the same amount to every installment.Open →
- Close the loanWhat to bring to the bank to close the loan now, with the commission and accrued interest.Open →
- RefinancingCompare today's rate with a new offer and see from which month the move pays for itself.Open →
Indicative calculation. Final figures are confirmed with your bank/lender (RO law OUG 50/2010: you have the right to early repayment).