Ill put this here.....cant find a "loan" section

maxmycardagain

We have a loan off Halifax and i was playing on the "extra payment" calculator and i entered some amounts and got strange results for "interest saved"...


pay extra................interest saved

£50 £34
£250 £165
£500 £312
£1000 £560
£1500 £753
£2000 £897
£3000 £1066

Is it me or do the figures seem odd?

gik

You cant find the Loans section? Third from the top.

matttye

Is it talking about one off overpayments or regular?

If you overpaid by £3,000 a month then saving £1,066 over the lifetime of the loan wouldn't seem odd. Saving £1,066 for a one off £3,000 payment would seem odd to me.

grumbler

maxmycardagain wrote: »

We have a loan off Halifax and i was playing on the "extra payment" calculator and i entered some amounts and got strange results for "interest saved"...


pay extra................interest saved

£50 £34
£250 £165
£500 £312
£1000 £560
£1500 £753
£2000 £897
£3000 £1066

Is it me or do the figures seem odd?

Why is the last line more odd than the penultimate one?

Seriously, your question makes no sense without saying the amount, the APR and the term.

If the loan is not much bigger than £3K, APR is high and the term is long you can easily save more than £1K in interest by overpaying £3K.