Lump Sum Calculator

Lump Sum
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All loans for property, cars, or education generally require minimum monthly payments. Each payment is divided between interest and the loan balance or principal. The method of reducing the principal balance each month of the loan is known as amortisation.

The Lump Sum Calculator on this page helps you discover how making a lump sum payment can reduce the amount of time left to pay on your loan. This calculator will also show you how much money you will save in interest payments.

  1. Just enter your loan amount, interest rate and loan term
  2. Select the repayment frequency. (Monthly payments are the full amount paid once per month, fortnightly payments are half the payment paid every two weeks and weekly payments are 25% of the payment paid each week.)
  3. Enter the amount of your lump sum.
  4. Select when you will make the lump sum payment

The calculator will then show you the amount of your monthly repayment and the time and interest saved from making the lump sum payment.

Money-Saving Tips
Loans and interest are about time. Time works against you. By paying in advance you reduce the interest amount being charged. Lump sum payments can get you out of debt faster for less.

 

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