i cant work it out???

cady

hi im trying to figure out how many payments i need to pay off my loan the current balance is £7484.99 and the interest is 10.9% i think im just working it out wrong (im crap at maths:o !!) i want to start paying extra as of Jan 09 so it will be paid off by dec 2010 but i dont know how to work it out i pay at the moment £159.28 a month but like i said im looking to increase this in Jan so it will be paid off in 2 years but i cant work it please help i wanna make sure i do this right Thanks in advance!!

cady

Can anyone help???

OliveOyl_2

I'm sorry I can't work it out either
But here's a bump

And I'm amused by your Avatar -what prompted that remark? :rotfl:

Jacks_xxx

:wave: Hey sweetie,

Would the snowball calculator help?

http://www.whatsthecost.com/snowball.aspx

Love Jacks xxx

cady

OliveOyl wrote: »

I'm sorry I can't work it out either
But here's a bump

And I'm amused by your Avatar -what prompted that remark? :rotfl:

LOL just trying to look on th bright side !!

cady

Jacks_xxx wrote: »

:wave: Hey sweetie,

Would the snowball calculator help?

http://www.whatsthecost.com/snowball.aspx

Love Jacks xxx

Thanks ill try it now im sure they make these things extra confusing so we cant pay them off easily!!!

Jacks_xxx

Sweetie - never a truer word was spoken. (The so and sos! :mad: )

You want to see my electricity tariff. I actually had to have tutoring to help me decipher it.

Love Jacks xxx

cady

Does this look right..... is used the snowball calculator (thanks Jacks)

£7485 = 61 months to pay off!!! eeek
interest in that time = £2,202.00

If i pay the normal min payment till dec = 5 months off =

so in DEC my balance will be £7,109.71

and if i start over paying by = 140.74 making it £300 a month and will take 27 months to pay off now thats far too much i was hoping to pay it off in 2 years but at this rate i cant afford that hmmm tacktical thinking going on any suggestions????

cady

Jacks_xxx wrote: »

Sweetie - never a truer word was spoken. (The so and sos! :mad: )

You want to see my electricity tariff. I actually had to have tutoring to help me decipher it.

Love Jacks xxx

LOL when we got our mortgage the man had to explain it to me by drawing little graphs for me to see the rates on as i didnt understand but i wasnt gonna take it until i understood so several bits of paper later i was there the guy must have thought i was nuts!!

NickWarren_2

Is it just me missing something, sure it is, im "fick" lol but 27 payments of £300 = £8100, isnt this £1000 more than you need to pay? plus also paying the amount off early going to incur you less intrest so the £7109.71 amount actually going to be smaller?? does the £7109.97 include the intrest you mentioned? sorry if i sound simple lol

Jacks_xxx

Well when I do the Snowball with your original figures honey the table at the bottom of the page says the amount you'll owe come January 09 is £7,109.63.

When I input that figure and a monthly payment of £300 it says
It will take you 27 months to pay off these debts if you snowball correctly. During that time, you'll pay £851.00 in interest - which can only be a good thing sweetie. (that's so much less than the 2K or so that it would be if you just kept paying what they ask for.)

But remember sweetie things change - you might get a payrise or a windfall, or a sugar daddy

Lots could happen to make this debt go away faster.

When we first used the snowball on our mahoosive debts it said we'd be paying until 2028 but we'll be free and clear early next year thanks to a combination of fab advice on here changes in circumstances, some hard work and a bit of luck!

Keep at it honeybun!

Love Jacks xxx