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You can get out of debt! As loans are amortised and payments include interest based on the amount or balance you owe making extra payments can get you out of debt faster and save you interest.
The Extra Repayments Calculator can help you find out which loans make the most sense to apply extra payments. As long as there are no prepayment penalties, paying extra on your loan will not cost you. Making extra payments does not mean you need to pay a sum equal to a payment. You can pay more or less. How much can you save? That is exactly what the Extra Repayments Calculator will determine.
Using the Extra Repayment Calculator is easy:
- Enter the loan amount, interest rate and the term of your loan.
- Select how often you pay your loan or the repayment frequency
- Last, choose the amount extra you want to pay and when
You will find the interest saved and how much time will be reduced on your loan.
Using this calculator has a motivating side effect when you see how much sooner you can be out of debt!
Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan.
