Description

This calculator helps you find out how much time and interest you could save by making extra repayments on your loan.

Assumptions

• It does not take into account any possible fees, upfront fees or ongoing fees.
• Interest rates do not change over the loan term.
• Repayment frequency selected (i.e. weekly, fortnightly, monthly) is applied consistently throughout the loan term.
• It is assumed that your lender considers 48 weeks which is equivalent to 12 months in a year.
• No rounding of the actual payment amount is done to keep the "term" strict in practice.
• Extra repayments are made consistently with each regular payment throughout the loan term.