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.
    1. Enter the current outstanding loan
    2. Enter the interest rate being charged
    3. Enter the outstanding months
    4. Enter the amount you can pay extra
    5. Enter the monthly fees (see note below)
The debt reduction calculator will calculate the following for you
      • 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
Note on fees :(The maximum monthly fee banks or loan providers can charge according to the NCA is currently R68,40 inclusive of VAT) You can leave this 0 but for a more accurate indication of the amount you have to pay leave this. We have defaulted the amount to R68,40 already.Their can be other costs associated with a loan. If you know them just add up the total costs.
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