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. Please follow the steps below:
- Enter the outstanding loan amount, the original term of the loan and the interest rate being charged.
- Click the first button below to calculate the monthly repayments based on the original term of the loan.
- Enter the additional monthly repayment amount you wish.
- Click the second button below to calculate your reduced loan term and the interest saving.