Help to calculate how my loan will reduce

A few years ago I took out a loan for £8,500.

Original loan term was 84 months.

term remaining is now 46 months.

I did make a one off lump sum payment at some point but can't remember when this was or how much.

Balance now is 2,260.36

I am paying £111.79 per month.

APR 2.9%

Payments are made on 1st of each month.

How do I calculate what the balance remaining will be in August 2024?

Comments

  • MorningcoffeeIV
    MorningcoffeeIV Posts: 1,867
    First Anniversary First Post Name Dropper
    Forumite
    edited 10 December 2023 at 1:46PM
    For a rough answer, calculate the monthly interest on the declining balance and add that on, and then deduct your monthly payments.

    Or use one of the many online calculators, treating your current balance as the loan amount and a 46 month term.
  • molerat
    molerat Posts: 31,495
    Name Dropper Photogenic First Post First Anniversary
    Forumite
    I make it around £1500 in August 24 and will be paid off in around 20 months so August / September 25
Meet your Ambassadors

Categories

  • All Categories
  • 341.6K Banking & Borrowing
  • 249.6K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.5K Work, Benefits & Business
  • 605.5K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards