There is no guarantee that the calculator below works accurately. It may provide some help but it does not replace speaking to an expert in the field.
General
This calculator computes how quickly you can reduce your debt and increase your savings. You can select how you would like to allocate your monthly installment between repaying your debt and making savings.
Comments
The calculator compounds the interest monthly. This is because your monthly installment reduces the amount of debt and/or increases your savings. Thus, the due interest changes monthly. No worries, the calculator computes that and you only have to provide your annual interest rate. This is typically called AER, EAR, APR or CAR, and is usually the big numbers on top of the product.
This calculator is intended to help you decide whether to prioritise repaying debt or building up savings. It takes into account your interest rates at both ends, the principals and the money that is available for repaying or making svaings. Please note that there can be HUGE differences between interest rates for debts and savings. Please, do check that information. You can observe the effect of small changes using the up/down clicking function in the interest-fields.
There is something called cost of credit. This is the difference between the money you borrow and the money that you have to repay including all interests and fees, please look for cost of credit. The interest rate is one thing but the fees can be complex and add up over the years. Thus, the cost of credit is helpful for comparing two credit offers. The banks are able to provide that information. You might have to press them into doing so but it is really helpful to you.
