Lump sum repayment calculator
As many people have discovered with their loans, making extra repayments over time can really help put a dent in the balance of the loan and eventually return very positive savings on interest (and sometimes fees). Another option for people is to save up money over the first few years of a loan, and then make a one-off lump sum payment directly into their loan facility. This may be a good option for people that don’t have the current cash to make extra repayments, but still want to shave time and interest off the total loan amount in the future. If you have an idea of how much you may be able to save (and therefore how much to deposit) over a few years, input that time and amount into the calculator along with the details of your loan, and let the lump sum repayment calculator do the rest! You’ll be able to see from this the amount of time you’ll take off the total loan term, as well as the interest you’ll save; both compared to the outcome if you were not to make a lump sum payment.
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