Early Repayment Calculator
Find out how much you can save by overpaying your loan. Enter your current balance and payment details to see the power of extra contributions.
How does early loan repayment work?
When you pay more than your required monthly payment, the extra amount typically goes directly toward the principal balance. This reduces the total interest you pay over the life of the loan and allows you to pay it off sooner.
Will I be charged a penalty for early repayment?
Some loans have "prepayment penalties." It is important to check your loan agreement before making extra payments to ensure the savings on interest outweigh any fees.
What is the "Total Interest Saved"?
This is the difference between the interest you would have paid on the original schedule and the interest you pay with your extra contributions.
How much time can I save by paying extra?
Even small monthly overpayments can significantly shorten your loan term. For example, paying an extra $100 a month on a $20,000 car loan could save you several months of payments.