EXTRA REPAYMENT CALCULATOR
An extra repayment calculator is a financial tool that helps borrowers estimate the impact of making additional payments on their loan. These additional payments, often referred to as extra repayments, can help borrowers pay off their loan faster and save on interest costs over the life of the loan.
Here's how it typically works:
- Input Loan Details: You start by entering basic information about your loan, such as the loan amount, interest rate, and loan term.- Extra Repayment Information: Then, you input details about any extra repayments you plan to make, including the frequency (e.g., monthly, annually) and the amount of each extra payment.- Calculation: The calculator then computes the impact of these extra repayments on your loan. It may show you how much time and interest you could save by making extra payments, as well as the new payoff date for your loan. Using an extra repayment calculator can be beneficial for borrowers who want to accelerate their debt repayment and save money on interest. It allows them to see the tangible benefits of making additional payments and helps them plan their finances accordingly.
Here's how it typically works:
- Input Loan Details: You start by entering basic information about your loan, such as the loan amount, interest rate, and loan term.- Extra Repayment Information: Then, you input details about any extra repayments you plan to make, including the frequency (e.g., monthly, annually) and the amount of each extra payment.- Calculation: The calculator then computes the impact of these extra repayments on your loan. It may show you how much time and interest you could save by making extra payments, as well as the new payoff date for your loan. Using an extra repayment calculator can be beneficial for borrowers who want to accelerate their debt repayment and save money on interest. It allows them to see the tangible benefits of making additional payments and helps them plan their finances accordingly.