Follow these steps to see how much quicker you could pay off your loan if you made a lump sum payment in the middle of your term.

1. Enter your loan amount, the original term of your loan (usually 25 years) and the percentage rate.
2. Click the button to calculate the monthly repayments based on your original term. Then, enter the lump sum payment you wish to make, and how far into the loan (in years) you make this payment.
3. Click the Calculate New Term button to find out how long your loan will take to pay off based on your lump sum payment.

Loan Amount

$

Original Term

years

Percentage Rate

%

Monthly Repayments

$

Lump Sum Repayment

$

When you make this payment

years

Result

Your new loan term is years.