This tool helps you estimate the impact of making extra repayments on your loan, including potential time and interest savings.
How to Use the Extra Repayment Calculator
Using our Extra Repayment Calculator is straightforward. Follow these steps to get started:
- Enter Your Loan Details:
- Loan Amount: Input the total amount you plan to borrow.
- Interest Rate: Enter the annual interest rate (APR) applied to your loan.
- Loan Term: Specify the total term of the loan in years.
- Repayment Frequency: Choose how often you will make regular repayments (monthly, fortnightly, weekly).
- Extra Contribution Per Payment:
- Extra Amount: Enter the additional amount you plan to contribute with each repayment.
- Starts After: Specify the number of payment periods after which you will begin making extra contributions.
- View Your Results:
- Minimum Repayments: See the remaining balance after each repayment frequency with minimum repayments.
- Increased Repayments: Check the remaining balance after each repayment frequency with increased repayments due to the extra contribution.
- Time Saved: Find out how much time you can save on your loan term with extra repayments.
- Interest Saved: Discover the potential interest savings resulting from making extra contributions.
Understanding Extra Repayments
Extra repayments involve making additional payments towards your loan beyond the regular repayments. These payments can help reduce the total loan balance and save on interest over the life of the loan.
Benefits of Using an Extra Repayment Calculator
- Accelerated Debt Payoff: Extra repayments allow you to pay off your loan faster, reducing the overall loan term.
- Interest Savings: By reducing the loan balance sooner, you can save on interest payments over time.
- Flexibility: Extra repayments offer flexibility in managing your loan and achieving financial goals sooner.
Disclaimer
The information provided by the calculator is intended to provide illustrative examples based on stated assumptions and your inputs. Calculations are meant as estimates only, and it is advised that you consult with a mortgage broker about your specific circumstances.
Using our Extra Repayment Calculator, you can explore the impact of making additional payments on your loan. By understanding the potential time and interest savings, you can make informed decisions to accelerate debt payoff and achieve your financial goals sooner. For personalised assistance and expert advice on managing your loan, contact us at Pinpoint Finance. Our dedicated team is here to help you navigate your loan options and find the best solutions to meet your needs.