15 payments left @ $318, $152 is principle and the rest is interest. Pay it off early or keep making payments.

Answer 1

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.

Answer 2

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!

Answer 3

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.

Answer 4

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

Answer 5

Pat it off earlier than you should to help build credit points. Or pay it off early and save the interest.

Answer 6

If I were you I would pay it off early and save some money.

Answer 7

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.

Answer 8

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

Answer 9

Definately pay it off early. By doing so, your credit rating will increase even more.

Answer 10

Pay it off early.