Handypay payment plan calculator

A payment plan calculator is a tool that helps you estimate the cost of borrowing money for personal expenses, such as home renovations, holidays, or debt consolidation. Our payment plan calculators help you figure out estimates quickly and easily to make sure you have the information you need to make an informed financial choice. Providing a view of your potential repayments, including indicative interest charges, can make it easier to plan your finances.

A payment plan calculator operates based on a few key inputs: the amount, term, repayment frequency and credit rating. By entering these details, you can instantly estimate your potential repayments. It uses a standard formula to determine each payment’s interest and principal components, giving you a breakdown of your estimated financial commitment over time.

You can’t directly change the interest rate within the payment plan calculator. However, the indicative interest rates and comparison rates will change to reflect your credit rating (Excellent, Very Good, Good, Average or Below Average).

It’s important to note that the indicative interest rate and repayment amount displayed are only estimates. The calculator helps you get a better idea of your borrowing power – it doesn’t act as a guarantee for your final payment plan terms. Your final interest rate offer can be influenced by factors like your credit score, employment status, living situation etc. which our credit experts will use to provide a quote.

To use the payment plan calculator, select your desired amount, term, repayment option, and credit rating in the designated field. You can adjust this amount as needed to see how it impacts your estimated monthly repayments.

To use the payment plan calculator effectively, you’ll need the following details:

• Amount: The total amount you intend to borrow.
• Term: The duration of your payment plan in years.
• Repayment frequency: How often you plan to make repayments (e.g., weekly, fortnightly, or monthly).
• Credit rating score: You can choose from five options to best represent your credit rating.

When using the payment plan calculator, you can estimate the total cost of the plan, including the principal amount and indicative interest. The calculator includes a graph showing an estimate of the overall payment plan amount, calculated from the indicative interest rate and comparison rate on the calculator. This helps you get an idea of the estimated financial commitment associated with your plan.

You can use the payment plan calculator to compare various offers by inputting the details of each payment plan into the calculator. This allows you to evaluate and contrast the estimated repayments and costs, and so can help you to choose an option that suits your budget and financial goals.

All Handypay payment plans have the option of weekly, fortnightly or monthly repayments. The payment plan calculator estimates these repayments by considering the amount, interest rate, term, and repayment frequency. It divides the total cost of the payment plan into equal estimated instalments, so you know exactly how much you might pay each time, depending on the frequency you choose.

By adjusting the term within the calculator, you can explore different repayment options and see how they impact your regular estimated repayments and the overall term. Explore the ‘how much can I afford?’ section earlier on this page for more information.

The payment plan calculator adjusts estimates based on your chosen repayment frequency. Whether you opt for weekly, fortnightly, or monthly repayments, the calculator adjusts the estimated repayments, indicating how  you could have flexibility in managing your payment plan.

To plan your budget effectively, it can be helpful to use the calculator in the “How much can I afford?” section. You could estimate the payment plan term and amount that aligns with your financial plan by inputting the amount you can budget towards your plan for weekly, fortnightly, or monthly repayments. It’s can be a simple way to stay within your budget.

The payment plan calculator can be useful for estimating repayments and understanding the financial implications of borrowing. However, it’s important to note that it provides estimates, and actual payment plan terms may vary based on your financial situation. If you’d like a more precise estimation of your payment plan terms and borrowing power, complete our application form for a personalised quote. This quote is based on the financial information you provide us and can paint a clearer picture for you.

The payment plan calculator can be used for all types of payment plans. It provides an estimate of your potential repayments, irrespective of your specific payment plan purpose, supporting you to make informed financial decisions.