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Lump Sum Repayment Calculator
See how a lump sum payment could reduce your loan term and total interest paid.
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Use CalculatorFrequently Asked Questions (FAQs):
Lump sum repayments explained
When is a good time to make a lump sum repayment?
Any time you receive a windfall: a tax refund, bonus, or inheritance. Making a lump sum repayment directly reduces your principal and the interest calculated on it from that day forward.
Are there limits on lump sum repayments?
Variable rate loans typically allow unlimited lump sum repayments. Fixed rate loans usually cap extra repayments at $10,000-$20,000 per year. Exceeding this may trigger break fees.
Should I use a lump sum to pay off debt or invest?
This depends on your interest rate, investment returns, and personal circumstances. A GCW broker can help you model both scenarios and make an informed decision.
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