One of our dearest friends Maya has built a simple (and pretty) tool to help you work out what your loan repayments will be. Plug in the relevant details and see what you can/can’t afford. You can also use the tool to work out if you can pay off your loan faster.
**Remember, it is always important to plan for the ‘worst case’ , especially with the circulating news of increasing interest rates.**
Key assumptions:
The figures provided should be used as an estimate only and are based upon the information you put into the calculator. We have made a number of assumptions when producing the calculations including:
- Fees: No bank fees, government fees and package fees have been considered.
- Loan term and loan amount: We assume the loan term and loan amount are what you enter into the calculator.
- Interest rates: We assume that the rate you enter, is the rate that will apply to your loan for the full loan term – even if you choose
- Interest and repayments: The displayed total interest payable is the interest for the loan term, calculated on the assumed interest rate.