Debt Reduction Calculator
By increasing your monthly payment from to per month, You will be debt free within years and months. You will save a total of on Interest and on fees.
About the Debt Reduction Calculator
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 the calculator above. 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.
- Enter the current outstanding loan
- Enter the interest rate being charged
- Enter the outstanding months
- Enter the amount you can pay extra
- Enter the monthly fees (see note below)
- The minimum amount you should be paying
- After how many months you will be debt free if you pay the extra amount
- Your new monthly payments
- Total Savings on fees if applicable
- Total Savings on interest