Loan Modification and Prepayments

We now allow you to change the payment you will be making to the loan between any two dates. You can specify an amount that can be lower (down to zero) or higher than your regular payment. You should enter the new payment amount, in future dollars (or the loan's currency) that will be applied between the two dates.

For an amortizing loan, you can instead (make sure you clear the amount above), set a percentage increase that will be applied to the regular payment on each of the loan's anniversaries between the two dates.

The second date can be left blank indicating the setup will continue forever (or the loan is paid off).

For an amortizing loan, you can see the effect right away on the amortization table. If the amount is lower than your regular payment, the number of payments will increase, and the interest cost over the life of the loan will be higher. The opposite is true if the payment is higher. For Lines of Credit or Credit cards for which you maintain a balance, you'll see the effect in the TIME MACHINE. For these revolving loans, this feature will allow you to plan to pay down the principal.

We do not check whether the bank will allow you to do this.