Lump sum payments calculator

Lump sum payments

If you have a lump sum to pay off your mortgage, you can use this lump sum payments calculator to find out how the extra payment will effect the term of your loan and interest savings. If you are thinking of making extra repayments on a more regular basis the extra loan repayments calculator might be of interest.

Instructions

Enter the original loan amount, interest rate and loan term. Fill in the once-off lump sum payment amount and use the slider to adjust the year for when the once-off payment was made. The results show you what the new loan term is, how much time you will save and how much interest you will save. You will also be given a figure showing you the original total cost of the loan and the updated total cost of the loan after the lump sum payment has been made.

Get Flash

Disclaimer: Calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product. Whilst every effort has been made to ensure the accuracy of this calculator, the results should be used as indication only. Advice should be obtained from a financial services licensee before making financial decisions. Calculator does not assume changes in the cost of living over time. Default assumptions: For the purpose of this calculator, all months are assumed to be of equal length. One year is assumed to comprise 52 weeks and therefore 364 days (as opposed to the actual 365 days or 366 days).