About Eldus » Calculator » Loan Reduction Calc
Loan Amount$
Original Term years
Interest Rate %

Monthly Repayment$
Additional Monthly Repayment $


Your reduced loan term will be years.

You will save $ in interest.

This calculator is designed to help you work out how quickly you can pay off a loan if you increase your monthly repayments and how much interest you would save by doing this. 1.Enter your loan amount, the original term of your loan and the interest rate. 2.Click the first button to calculate the monthly repayments based on your original term. 3.Enter your additional monthly repayment. 4.Click the second button to calculate your reduced loan term and interest saving.

Debt Reduction Methods:

Method One: This is where you pay off debt starting right from the lowest outstanding balance to the highest. Here's how it works. Create a list of your debt accounts from lowest to the highest balance. Pay the minimum on all your debts. Make extra payment towards the lowest debt balance.Once you pay off the smallest bill, start paying extra towards the next higher balance and repeat the same for all your bills.

Method Two: This is a reduction plan in which you start paying off high interest debts first and then move on to the ones having low interest rate. Here's a step-by-step approach.List your debts in order from the highest to lowest rate.Pay the minimum towards each account.Make extra payment towards the highest interest account.Once the highest interest debt is paid off, start paying extra towards the account with the next higher rate and repeat the same for other accounts as well.

Footnote: This Online Calculator is provided to you free of charge, and on an "AS IS" basis, without any technical support or warranty of any kind from Eldus including, without limitation, a warranty of merchantability, fitness for a particular purpose and non-infringement.

Updated On: 12.02.28