Extra Payments on Loan - How much will I save?

Bunny1979

Hi,

I've spent hours trying to calculate the potential savings if I made extra payments on my loan, i'd love to know how much the term would reduce also for extra motivation, but i'm really struggling to work calculations out.

If someone could help me it would be greatly appreciated.

The loan I've taken out was for £9500, 24 payments of £587.25, repaying £14,094.00.

APR 49.9%

My plan is to make the first 4 payments with basic amount of £587.25, month 5 I will be paying the basic amount of £587.25 + an extra payment of £600 each month until cleared.

My first payment is due 01/06/2016 so payments will be as follows:

(1) 01/06/2017 = £587.25
(2) 01/07/2017 = £587.25
(3) 01/08/2017 = £587.25
(4) 01/09/2017 = £587.25
(5) 01/10/2017 = £587.25 + £600 = 1187.25
(6) 01/11/2017 = £587.25 + £600 = 1187.25
(7) 01/12/2017 = £587.25 + £600 = 1187.25
(8) 01/01/2018 = £587.25 + £600 = 1187.25
(9) 01/02/2018 = £587.25 + £600 = 1187.25
(10) 01/03/2018 = £587.25 + £600 = 1187.25
(11) 01/04/2018 = £587.25 + £600 = 1187.25
(12) 01/05/2018 = £587.25 + £600 = 1187.25
(13) 01/06/2018 = £587.25 + £600 = 1187.25
(14) 01/07/2018 = £587.25 + £600 = 1187.25
(15) 01/08/2018 = £587.25 + £600 = 1187.25
(16) 01/09/2018 = £587.25 + £600 = 1187.25
(17) 01/10/2018 = £587.25 + £600 = 1187.25
(18) 01/11/2018 = £587.25 + £600 = 1187.25
(19) 01/12/2018 = £587.25 + £600 = 1187.25
(20) 01/01/2019 = £587.25 + £600 = 1187.25
(21) 01/02/2019 = £587.25 + £600 = 1187.25
(22) 01/03/2019 = £587.25 + £600 = 1187.25
(23) 01/04/2019 = £587.25 + £600 = 1187.25
(24) 01/05/2019 = £587.25 + £600 = 1187.25

So basically i'd like to know which will be my last payment with me paying £600 a month extra.

Thanks in advance for help with this one :T

[Deleted User]

Somewhere around month 13, from a quick calculation.

Bunny1979

Brilliant, thanks for quick reply.