This Lump Sim Repayment Calculator helps you estimate how much time and interest you can save over the life of your loan if you make a one-off lump sum repayment into your loan facility.
Lump Sum Repayment Calculator Assumptions
- It does not take into account any possible fees i.e. up-front fees or ongoing fees.
- Interest rate does not change over the loan term.
- Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly. In practice, interest compounding frequency may not be the same as repayment frequency.
- It is assumed that a year consists 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
- No rounding is done throughout calculation whereas repayments are rounded to at least the nearer cent in practice.
- The final repayment after the increase in repayment amount will be a partial repayment as required to reduce the loan balance to zero without negative owing amount.
This Lump Sum Repayment Calculator has been provided in good faith as a guidance tool only. Results are not financial advice, are a guide only, and are not a guaranteed outcome or quote. You should always discuss your individual situation with an Australian Credit Licensee or Authorised Credit Representative.
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