Interest calculators

Sportbilly_2

I have a loan with an outstanding balance of around £4k and I'd like to pay it off with an Egg card and then use the interest free period to pay off the loan. Can anyone point me to an online resource or an Excel function that can calculate how much the interest will be over the period remaining so I can work out how much the savings will be?

Thanks in advance.

CannyJock

Is it a new application for an Egg card or do you have an anniversary offer that doesn't treat it as a cash advance?

First you work out the total amount that you need to borrow including the balance transfer fee.

Then you work out much you'll be able to repay before your 0% period runs out.

That'll leave you with the amount left on your card at the end of the 0% period that'll incur interest at the rate for the type of transaction (cash advance, balance transfer etc - see the T&C's for details).

Use the minimum repayment calculator here , put in the balance you'll have left, the APR, set the minimum % to 0.1 and set the minimum £ amount to the amount you can pay each month. It'll work it out the total interest for you.

Sportbilly_2

Cheers, it would be a new application and I've worked out how much interest I'll pay on the card due to a balance transfer or two-

£120 or so initially, then pay off £250 a month to leave a transfer of £1000 at the end of the first 12 months at a cost of £30 => ~£150 in total.

What I'm actually after is how much interest I'll pay on the loan in its remaining term by way of comparison.

We originally borrowed £6000 at a rate of 6.9% over 84 months and are paying £87.50 a month. Can I just multiply the monthly repayment by the number of repayments (84) and subtract the total amount repayable (£7552) from the loan to give the interest payable over the loan (£7552-£6000 = £1552). Then take the number of remaining repayments (46, I think) and work out the interest remaining pro rata? That makes the remaining interest payable on it- (1552/84)*46 = £850 approx. Or is there more to it than that?

CannyJock

Sportbilly wrote: »

Cheers, it would be a new application and I've worked out how much interest I'll pay on the card due to a balance transfer or two-

£120 or so initially, then pay off £250 a month to leave a transfer of £1000 at the end of the first 12 months at a cost of £30 => ~£150 in total.

What I'm actually after is how much interest I'll pay on the loan in its remaining term by way of comparison.

We originally borrowed £6000 at a rate of 6.9% over 84 months and are paying £87.50 a month. Can I just multiply the monthly repayment by the number of repayments (84) and subtract the total amount repayable (£7552) from the loan to give the interest payable over the loan (£7552-£6000 = £1552). Then take the number of remaining repayments (46, I think) and work out the interest remaining pro rata? That makes the remaining interest payable on it- (1552/84)*46 = £850 approx. Or is there more to it than that?

You'll need to ask the lender for a settlement figure - most loans have the interest front-loaded so the amount you'll need to repay will be more than you would expect. That's the only way to see how much you'll actually save. My guess is you'll still save money, but maybe not as much as you're hoping.