Loan settlement future prediction

Laze

Hello,

I've just paid off my car, and had a settlement on the missus.

By getting a loan, we have managed to save around £2,500 by paying the car off early based on the rate I had, and in a few months will be good to do that to the 2nd car, thus trying to bring the payments down from £600p/m to around £550p/m (currently, paying £150p/m more as the 2nd car is still going out! - but it makes sense to!)

So, what I'm asking is with these numbers, can someone try to predict what the "less interest would be" 5 months down the line.

The monthly outgoing for the car is: £199.09

Balance Outstanding: £14972.69
Less rebate of interest: £2695.77
Total amount to settle: £12276.92

I don't have the percentage right now to hand, the paperwork is misplaced, sure it was 8.9%.

By some stupid way of working out (the car was bought last November), I've come up with £67.39 per month in the "less rebate" area and worked out £336.97 less come November so it would be £11939.94 to settle, saving £2358.8

Thanks if anyone can help and if it made sense!

[Deleted User]

You need to know your term.

Interest is also not a fixed amount each month. It will reduce each month.

Laze

Well it's PCP, so I'm pretty sure it's 51 months remaining (5 years)