This calculator will show the amount you can save if you make extra repayments at each period instead of the minimum amount. Starting the extra repayments earlier on in the loan will have a greater increase in the interest and time saved.
- Interest rates remain the same for the term of the loan.
- One year is 52 weeks exactly, a month is 52/12 weeks and a fortnight is 26 weeks.
- Interest is calculated by compounding on the same frequency as the repayment stated, i.e. weekly, fortnightly or monthly.
- Repayments are made at the start of each period.
- Rounding is made at the end of the calculations and not at each payment period
- It does not take into account up-front fees and monthly/annual account fees.
- You can email your results to yourself and if you request, a copy of your results and contact information is sent to the web site owner.
- You can print your results for future reference.
- You should consult a finance professional before you make decisions based on this calculator.