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LOAN REDUCTION CALCULATOR

INSTRUCTIONS

This calculator is designed to help you work out how quickly you can pay off a loan if you increase your monthly repayments and how much interest you would save by doing this.

  1. Enter your loan amount, the original term of your loan and the interest rate.

  2. Click the first button to calculate the monthly repayments based on your original term.

  3. Enter your additional monthly repayment.

  4. Click the second button to calculate your reduced loan term and interest saving.

ENTER DETAILS HERE  
   
Loan Amount $
Original Term    years
Interest Rate    %



Monthly Repayment $
Additional Monthly Repayment $


  
RESULT

Your reduced loan term will be years.

You will save $ in interest.
 

 

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Last modified: Monday, April 12, 2021.