Loan Overpayment Calculator?

matm00

Hi. I'm paying back a personal loan and I'm thinking of making overpayments to shorten the term. Does anyone know of an online loan overpayment calculator I can use, or the maths I would need to use to work it out myself? All the online tools I can find are for mortgages. Thanks

Rafter

matm,

Are you sure your loan company allow you to make overpayments like this?

You may need to set yourself up a spreadsheet to do this - don't know of anything online.

private message me with your e-mail and I can send something across.

Dig out your loan paperwork and see what the early repayment penalty is to.

R.

[Deleted User]

http://www.whatsthecost.com/ should do the trick

As Rafter says though, are you sure you can make overpayments and not just pay it off?

matm00

Thanks for the replies. When I took out the loan (with Tesco) I'm sure I asked if I can overpay and I think they said yes, but I'll check. I think the early repayment penalty is 2 months interest, but I'll have to ask them what that is before I continue.