The "lump sum payment on loan" simulation calculates the dollar amount and time saved by making a lump sum payment on a loan. For example, if you have an automobile loan of $10,000 with payments amortized over a five year period, you could use this simulation to calculate how much you would save by making a lump sum payment of $2,000. You will also be able to see what your new amortization schedule will look like for the remaining term of your loan.

                                         Amount Borrowed     $  
                                           Annual Interest Rate        
Number of Payments per Year        
Amortization Period in Years Months         
Lump Sum Payment Amount     $  
Number of Years Months  from the beginning of                                      
    Loan when the Lump Sum Payment is made