Extra Repayment Calculator

The Extra Repayments Calculator calculates the time saved to pay off the loan and the amount of interest saved if repayments are increased by the entered amount of extra contribution per repayment period after the loan has been in force for the entered number of years. The calculation is done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.

Extra Repayments

This Calculator requires Flash Player 9 and javascript to be enabled.
If you see this message one of the following occurred:

You have javascript disabled. You need to have javascript enabled for the calculator to be loaded correctly (for instructions on how to enable javascript please click here)
You have Flash Player of version 5 or lower.
You have no Flash Player installed.

You can download Flash Player 9 by clicking on the following link.

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. Calculator © InfoChoice 2009

Calculator Assumptions

Length of Month

All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month.

Number of Weeks & Fortnights in a Year

One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.

Rounding of Amount of Each Repayment

In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts.

Rounding of Time Saved

The time saved is presented as a number of years and months, for all available repayment frequency options, namely monthly, fortnightly & weekly. This is rounded down to the next lower month and hence is slightly conservative.

Amount of Interest Saved

In contrast to the calculation of time saved, the calculation of the amount of interest saved is not rounded and is shown to full accuracy including the number of cents. This amount can only be approximated from the amount of time saved.

Quicklinks

Preferred Business Partners

Helpful Links

Bookmark this page