How much impact would increasing your monthly payment make?

If you're trying to pay down some debt, you might be wondering what the impact would be if you simply increased your monthly payment each month by just a little, or even a lot. When you increase your monthly payment, the amount of the increase gets applied directly to reducing the amount owed, or principle. Reducing the amount of money you owe will reduce your interest charges each month, as the interest rate will be applied only to the outstanding loan balance. An increase in your monthly payment will lessen the amount of interest charges you will pay over the repayment period and shorten the number of months it will take to pay off the loan.

Calculations provided by Fintactix.
  • Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

DuPage Credit Union personal loan benefits

You can consolidate your debt with a personal loan from DuPage Credit Union. 

  • Low rates and no fees. No origination or pre-payment fees. No fees as long as you pay on time.
  • Reduce your rate with auto pay. Sign up for auto pay and reduce your rate by .25%.¹
  • No payment for first 90 days. Defer your first payment for 90 days.²
1
  • Reduce your rate by .25% when you sign up to make your loan payments through Auto Pay. Reduce your rate subject to change without notice. Cannot be combined with any other offers. Must be a Member in good standing.

2
  • First payment may be deferred up to 90 days. Interest continues to accrue during deferred payment period.

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