Today on the first day of summer I woke up to a beautiful sunny sky. I looked at my solar panels and thought “That’ll do pig, that’ll do.”
Last month I made a big payment towards my solar panels and I wanted to know if I should be aggressive in the coming months to finish it off. I wanted to know if making a big payment now would do enough damage to where I could just ride out the rest of the loan with the regular scheduled payments.
So I figured it out.
It turns out my $2500 payment 7 months in saved me near $1400 in interest. I made a few mistakes in my first iteration but after posting to a Personal Finance forum I tweeked it and decided to make it publicly accessible. It can be used to figure out the advantage of any financial loan payment decision. Let me know if I need to make any edits!