Explore your own financial information in greater detail by using these powerful tools for forecasting and assessing your financial choices. During the process, you might discover expenses you can eliminate or more effective ways to manage your money.
Credit Card Calculator
Calculator InformationThe Credit Card Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term, and interest rate. The Product selected determines the default interest rate for a personal loan. The Credit Card Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on additional input. This is if repayments are increased by the entered amount of extra contribution per repayment period. The calculations are done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.
Length of MonthAll months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days interest dependent on the number of days in the particular month.
Number of Weeks in a YearOne year is assumed to contain exactly 52 weeks. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Rounding of Amount of Each RepaymentIn practice, repayments are rounded to at least the nearer cent. However, the calculator uses the unrounded repayment to derive the amount of interest payable at points along with the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment is after the increase in repayment amount.
Rounding of Time SavedThe time saved is presented as a number of years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.
Amount of Interest SavedThis amount can only be approximated from the amount of time saved and based on the original loan details.
Calculator DisclaimerThe results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.
Credit Card Calculator
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Total regular fees