Loan Benefits Program Calculator

Calculator Inputs

Some lenders offer different incentive programs. Utilizing these benefits may save you money on the total cost of your loan. This calculator will help you determine how much money you may save based on the type of incentive offered. Not every lender offers each of these benefits; check with each one individually for their terms and availability.

Lenders typically offer at least one incentive to borrowers. However, it is often difficult to compare them to determine which offers the best financial result. With this calculator you can determine which benefit is financially the best deal.

The auto-debit rate reduction is available with many lenders. When borrowers allow monthly loan payments to be automatically withdrawn from their savings or checking account, they will often see a small percentage point taken off the interest rate on the loan.

Some banks will allow borrowers to receive a reduction in their origination fee after a specific number of on-time monthly payments.

Finally, some lenders will give borrowers an interest rate reduction after a specific amount of on-time monthly payments. With an interest rate reduction incentive you may choose to continue to make your monthly payment amount prior to the incentive being awarded which will pay off your loan ahead of schedule, or you may choose to reduce your monthly payment amount and keep the existing length of your loan term.

Be sure to check with your lender to see if any of these benefits apply to you as it could mean saving thousands of dollars over the life of the loan.

Amount of Loan: must be greater than 0.
Annual Interest Rate: must be between 0 and 100.
Term of Loan: must be greater than 0 and less than 30.
Term of Loan: must be an integer.
Minimum Monthly Payment: cannot be negative
Rate Reduction (Auto-Debit): cannot be negative
Rate Reduction (Auto-Debit): must be less than or equal to 5%
Rate Reduction (Auto-Debit): is required.
Months on Time (On-Time Payments Credit/Cash): cannot be negative
Months on Time (On-Time Payments Credit/Cash): must be less than or equal to 120
Months on Time (On-Time Payments Credit/Cash): is required.
Origination Fee Discount (On-Time Payments Credit/Cash): cannot be negative
Origination Fee Discount (On-Time Payments Credit/Cash): must be less than or equal to 5%
Origination Fee Discount (On-Time Payments Credit/Cash): is required.
Value Deducted from Credit (On-Time Payments Credit/Cash): cannot be negative
Value Deducted from Credit (On-Time Payments Credit/Cash): must be less than or equal to $1000
Value Deducted from Credit (On-Time Payments Credit/Cash): is required.
Months on Time (On-Time Payments - Interest Rate): cannot be negative
Months on Time (On-Time Payments - Interest Rate): must be less than or equal to 120
Months on Time (On-Time Payments - Interest Rate): is required.
Rate Reduction (On-Time Payments - Interest Rate): cannot be negative
Rate Reduction (On-Time Payments - Interest Rate): must be less than or equal to 5%
Rate Reduction (On-Time Payments - Interest Rate): is required.
You must provide information for at least one of the benefits programs.
Please enter a numberic value for each field; (invalid values include; spaces, special characters, etc).

Amount of Loan
Annual Interest Rate %
Term of Loan years
Minimum Monthly Payment:
Auto-Debit
     Rate Reduction: %
On-Time Payments Credit/Cash
     Months on Time:
     Origination Fee Discount: %
     Value Deducted from Credit:
On-Time Payments - Interest Rate
     Months on Time:
     Rate Reduction: %

   

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