Not sure how much you can save by making additional lump sum repayments? Let our lump sum calculator help you. Simply enter your loan details, plus your additional lump sum contribution amount and our calculator will estimate how much interest and time you could save. Our savings calculator will also help you work out how much you can contribute towards lump sum loan repayments.
Lump sum calculator
What is a lump sum calculator?
A lump sum calculator is used for one-off payments you make towards your loan. For example, you may find you have some extra money to put towards your loan, such as a bonus, raise, tax return or inheritance.
If you want to use this money to pay down your loan, the lump sum calculator will show you how much you can save.
Making one-off lump sum payments can go a long way to reducing the duration of your loan, and can often lead to substantial savings. The lump sum calculator will show you exactly how much you can save.
But remember, some loans have early repayment fees and may penalise you for making one-off payments and ending your loan sooner.
To find out if you can make lump sum payments speak to your bank or alternatively you can speak to a Mortgage Broker at Smartline.
If your loan doesn’t let you make one-off payments, you always have the option of refinancing your loan. For many borrowers, this can lead to substantial savings.
How to use a lump sum calculator?
Using our lump sum calculator is easy. You just need to include the following details:
• Loan amount. How much money you are borrowing.
• Payment frequency. How often you will be making your payments – weekly, fortnightly or monthly.
• Interest rate. The interest rate you pay on your loan.
• Loan term. The length of time your loan lasts.
• Lump sum amount. The one-off sum will contribute to your loan.
• Lump sum paid after. When you will make your lump sum payment.