15 payments left @ $318, $152 is principle and the rest is interest. Pay it off early or keep making payments.
Answer:
if you are trying to build credit, wait at least 6 months before paying it off. if it already has been 6 months pay it off.
If I were you I would pay it off early and save some money.
Definately pay it off early. By doing so, your credit rating will increase even more.
if they let you, pay off the balance.
Pay it off early.
payments man saves you money pay it all when you sure it won't leave you broke
Pat it off earlier than you should to help build credit points. Or pay it off early and save the interest.
Are you serious? If you have the money, pay it off. Why pay twice as much than you have to?
Here are the rest of the payments.
PrincIntTotal
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$152$166$318
$2,280$2,490$4,770
Ttl Paid$4,770
That means that you will pay $2490 in interest over the next 15 payment cycles. The bigger question is, "Do you have the money to pay it off with cash in the bank, or do you have to borrow to pay it off?"
If you borrow the money and pay it off over the same 15 months at say 12% interest, here is the payment schedule and total.
LoanIntPrincBalance
$2,280$23$152$2,128
$2,128$21$152$1,976
$1,976$20$152$1,824
$1,824$18$152$1,672
$1,672$17$152$1,520
$1,520$15$152$1,368
$1,368$14$152$1,216
$1,216$12$152$1,064
$1,064$11$152$912
$912$9$152$760
$760$8$152$608
$608$6$152$456
$456$5$152$304
$304$3$152$152
$152$2$152$0
$0$182$2,280
Ttl Paid$2,462
Savings$2,308
So this shows that even if you have to borrow the money at 12% interest, you are still going to save $2308.
Pay if off!
You didn't explain if the loan is a simple interest loan. If it is, then paying it off will save you all that interest. If it is not simple interest then you will have to pay a lot of that interest, even if you pay it off.
any time you have opportunity to pay off debt,do it you save the interest especially if its not a mortgage or non tax deductable.
you didn't give enough information for a proper answer; what type of contract is this loan? Simple interest? Do the payments go toward the front end of the loan or back end? Will you be penalized for paying it off early? Do you even have enough to pay it off? What will you be sacraficing to pay off early as opposed? Are you set for retirement?.and so on, no enough information
I agree with most people on this thread. Pay it off early if you can. Save money on interest and build your credit.
http://www.havegoodcredit.com
Of course you should pay off the balance now. It can save you a lot of money if you do so. Or you can make payments that are any amount over $318.
If you have the money, pay it off.
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