Early Payoff Calculator

The National Credit Act lets you settle a loan early or pay extra at any time. This tool shows how many months and how much interest an extra monthly payment saves.

How this calculator works

• Enter your outstanding balance, rate and current instalment.
• Add an extra monthly amount to see the new payoff date and interest saved.
• Large agreements may charge up to 3 months' interest as an early settlement penalty. Check your contract.

Worked example

Adding R500 a month to a R50,000 balance at 22% with a R1,900 instalment can save over R4,000 in interest.

FAQs

Should I pay off debt or save?

Paying off debt at 20%+ usually beats any savings account. Keep a small emergency fund first so you don't need new credit.