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Monthly Payment Calculations

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To calculate your monthly payment at 1.95%, you must multiply your loan amount by 3.7. (  100k times 3.7 =$370. principal and interest and that will equal APPROXIMATELY your first year monthly payment, principal and interest. On the 1.95% plan, the calculator number is approximately 3.93 times loan amount to obtain the principal and interest monthly. 200k, with last three zeros left off, times 4.19 equals $838. a month first year payment. Subtract that amount from your current principal and interest now and that will represent you monthly saving . Multiply that figure by 12 and that is your first year total saving. To repeat the process for five years, simply multiply the new first year principal and interest payment by 1.075 to determine the next years payment. This is the calculator number for increasing the payment by 71/2% each year. It can also decrease, so this is worst case. 1.075 times $800.a month equals $860. the second year monthly payment. $860 times 1.075 equals $924. a month the third year. This is how you increase the payment 7.5% each year for five years. The one figure you want to obtain is the total saving for five years. Double that every seven to ten years or so, to see the potential accumulation over time.