AMP
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Our '
Debt reduction calculator
' allows you to see that by increasing your repayments to loans with higher interest rates you will not only save money but will also pay your loans off more quickly. You may be better off merging your loans into one with a lower interest rate.
This calculator generates factual information about loans, interest rates and fees.
It does not constitute a recommendation or statement of opinion about loans, interest rates and fees and is not intended to be relied upon for the purpose of making a decision in relation to a financial product.
For advice about financial products, you should consider obtaining advice from an AMP Financial Planner.
The calculator only considers a limited range of issues and does not consider all of your personal circumstances.
How to use this calculator
1.
Enter current loan details and new repayment amounts in '
Step 1 - Enter details
'.
2.
Go to '
Step 2 - Results - Interest
' to see what the amount of interest saved will be.
3.
Go to '
Step 3 - Results - Fees
' to see what the amount of fees saved will be.
4.
Go to '
Step 4 - Summary
' to see what the summary of total amount of interest and fees saved will be.
5.
Go to '
Step 5 - Next steps
' for what to do next and related calculators.
The calculator is based on a series of assumptions (details on which can be found below). These assumptions and your results are not guaranteed. You should check the
assumptions used in this calculator
as they may not be appropriate to your personal circumstances.
Loan details
Current
balance
Current repayments
Fees
(pa)
Interest
rate (pa)
New repayments
Home
Car
Credit card
Personal loan
Rental property
Shares loan
Other
$
$
Weekly
Fortnightly
Monthly
Yearly
$
%
$
Weekly
Fortnightly
Monthly
Yearly
Home
Car
Credit card
Personal loan
Rental property
Shares loan
Other
$
$
Weekly
Fortnightly
Monthly
Yearly
$
%
$
Weekly
Fortnightly
Monthly
Yearly
Home
Car
Credit card
Personal loan
Rental property
Shares loan
Other
$
$
Weekly
Fortnightly
Monthly
Yearly
$
%
$
Weekly
Fortnightly
Monthly
Yearly
Home
Car
Credit card
Personal loan
Rental property
Shares loan
Other
$
$
Weekly
Fortnightly
Monthly
Yearly
$
%
$
Weekly
Fortnightly
Monthly
Yearly
Home
Car
Credit card
Personal loan
Rental property
Shares loan
Other
$
$
Weekly
Fortnightly
Monthly
Yearly
$
%
$
Weekly
Fortnightly
Monthly
Yearly
Home
Car
Credit card
Personal loan
Rental property
Shares loan
Other
$
$
Weekly
Fortnightly
Monthly
Yearly
$
%
$
Weekly
Fortnightly
Monthly
Yearly
Home
Car
Credit card
Personal loan
Rental property
Shares loan
Other
$
$
Weekly
Fortnightly
Monthly
Yearly
$
%
$
Weekly
Fortnightly
Monthly
Yearly
Home
Car
Credit card
Personal loan
Rental property
Shares loan
Other
$
$
Weekly
Fortnightly
Monthly
Yearly
$
%
$
Weekly
Fortnightly
Monthly
Yearly
Loan details
Current
balance
Current
loan term
Interest
payable
New
loan term
Interest
payable
Difference
loan term
Interest
saved
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
Totals
$
0
$
0
$
0
$
0
Total interest and fees saved
Total interest saved
Loan details
Current
balance
Current
loan term
Fees
payable
New
loan term
Fees
payable
Difference
loan term
Fees
saved
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
X
$
0
0
$
0
0
$
0
0
$
0
Totals
$
0
$
0
$
0
$
0
Total interest and fees saved
Total fees saved
Loan details
Current
balance
Current total
repayments
New total
repayments
Interest and
fees saved
X
$
0
$
0
$
0
$
0
X
$
0
$
0
$
0
$
0
X
$
0
$
0
$
0
$
0
X
$
0
$
0
$
0
$
0
X
$
0
$
0
$
0
$
0
X
$
0
$
0
$
0
$
0
X
$
0
$
0
$
0
$
0
X
$
0
$
0
$
0
$
0
Totals
$
0
$
0
$
0
$
0
Total interest and fees saved
So what will you do now?
If you are concerned that you are not paying your loans off soon enough, it isn't too late to do something. There are many strategies for increasing your savings.
To find out how you can maximise your savings now to save more for your future, talk to your AMP Financial Planner for advice and information about the most appropriate strategies for your needs and goals. If you do not have a financial planner, you can:
Contact
us
Related
calculators
Find a
financial planner
Credit card calculator
Call 133 888
Savings calculator
askamp@amp.com.au
Should I pay off my mortgage?
Assumptions
1.
This calculator does not make any allowance for taxation.
2.
Fees are in addition to the current balance of the loan amount.
If your actual situation differs from the assumptions made, then the calculations may differ from your actual amounts.
What you need to know
The assumptions contained in, and the results obtained from, this calculator are believed to be accurate and are made in good faith. However to the extent permitted by law, we disclaim all liability to any person in respect of anything done or omitted to be done, and the consequences of such action or omission, by any such person in reliance upon any part of the information obtained using this calculator.
Any person intending to act or rely on the information should check its application to the circumstances. We would recommend that you consult with your AMP Financial Planner before making any decision.
Any advice contained in this calculator is provided by AMP Life Limited, ABN 84 079 300 379, AFSL No 233671.
Any advice is not based on your personal objectives, financial situation or needs. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs before acting on the advice.
AMP Life Limited is part of the AMP group of companies. AMP companies receive fees and charges in relation to its products as set out in the product disclosure statements. AMP employees and/or directors also receive salaries, bonuses and/or other benefits from the AMP group.
