Extra Repayment Calculator
Can you afford to repay more than your minimum loan repayment amount? If yes, then extra repayment can help you quickly repay a loan. It can possibly help you save thousands of dollars in the form of interest and considerably reduce the life of your loan. With the help of our repayment calculator, you can easily estimate your extra repayment amount.
Advantages of Extra Repayments
Here’s how extra repayments can benefit you:
- Increased savings
With extra repayments, you will get an opportunity to stop paying interest or at least reduce the repayment amount.
- Improve your financial position
Once you pay back your debt quickly, you are in a position to start saving for the future.
- Borrowing eligibility
Repaying a loan before time makes you an attractive borrower. It also improves your credit score. This means lenders will be more willing you approve you for a loan.
- Peace of mind
Having a debt to repay is stressful. With extra repayments, you can make life easier for yourself.
How the extra repayment calculator works?
When you enter your normal repayment amount and the repayment amount you can afford to pay, the extra repayment calculator calculates the difference. Along with your loan details and this difference amount, the calculator determines the total amount you will save and the length of your new mortgage term.