ANZ Personal Loan Repayment Calculator Extra Payments

Loan Payment Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Loan Amount (P):

AUD

Annual Interest Rate:

Loan Term:

years

Extra Monthly Payment:

AUD

Standard Monthly Payment:

With Extra Payment:

Total Interest (Standard):

Total Interest (With Extra):

Interest Savings:

Time Saved:

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1. What is the ANZ Personal Loan Calculator?

This calculator helps you estimate your monthly repayments for an ANZ personal loan, including the impact of making extra payments. It shows how additional payments can reduce both your loan term and total interest paid.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

$ P $ — Principal loan amount (AUD)
$ r $ — Monthly interest rate (annual rate ÷ 12)
$ n $ — Number of months in loan term
$ PMT $ — Monthly payment amount (AUD)

Extra Payments: The calculator then simulates the loan with your specified extra payment to show the reduced term and interest savings.

3. Importance of Extra Payments

Details: Even small extra payments can significantly reduce your loan term and total interest. For example, an extra $50/month on a $20,000 loan at 10% over 5 years could save about $1,000 in interest and pay off the loan 8 months early.

4. Using the Calculator

Tips: Enter the loan amount in AUD, annual interest rate (without % sign), loan term in years, and any extra monthly payment you plan to make. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Does ANZ allow extra payments on personal loans?
A: Yes, ANZ typically allows extra payments on variable rate personal loans, though fixed rate loans may have restrictions.

Q2: Are there fees for extra payments?
A: ANZ generally doesn't charge fees for extra payments on variable rate loans, but check your specific loan terms.

Q3: How does the interest calculation work?
A: ANZ uses daily compounding interest, but this calculator uses monthly compounding for simplicity (results will be very similar).

Q4: What's the maximum ANZ personal loan amount?
A: ANZ offers personal loans from $5,000 to $50,000 for most customers, with some eligible for up to $80,000.

Q5: How accurate is this calculator?
A: It provides estimates that should be within a few dollars of ANZ's actual calculations, but your exact terms may vary slightly.