Wouldn’t it be nice to be debt free? How about you make some extra payments every month?
If you would like to see the effect of paying extra toward your home loan or car finance, use this debt reduction calculator.
We have set the value of an extra payment at R100,00 but feel free to change it up or down. For this debt reduction calculator to give accurate calculations you need to know the current number of terms outstanding, your current outstanding loan amount and the interest rate
What will this debt reduction calculate ?
- Your new monthly payments
- The new installment term
- The interest and cost savings by paying in extra every month
Note on fees :(The maximum monthly fee banks or loan providers can charge according to the NCA is currently R69 inclusive of VAT)
If you know of any extra fees being charged, please indicate them in the other monthly fees or charges.