Interest-free deal calculator
Helps you work out:
- how much you need to repay to avoid incurring a high interest
rate on the amount still owing
- the total cost of the interest-free deal, including fees (if
you pay it off within the interest-free period)
For more information see disclaimer &
assumptions and FAQs below.
Estimated time: 5 mins
Only get an interest-free deal if you:
- Can pay more than the minimum each month
- Are familiar with budgeting
- Can afford the higher repayment shown using this
An interest-free deal might not be a good idea if
- Can only make minimum repayments
- Have other ways to pay (e.g. savings or lay-by)
- Have other debts you're struggling to pay off
Disclaimer & assumptions
It is an estimate only. Results will depend on the accuracy of
- Fees - this calculator does not include
additional fees such as late payment fees.
- Amount borrowed - the total amount
financed and may include extras such as extended warranty or
- Minimum repayment - calculated as a percentage
of the closing balance which means it reduces each month as your
account balance reduces.
- Additional purchases on your card - the
first time you apply for an interest-free deal you will be issued
with a credit card. This calculator does not take into account any
credit card purchases or support multiple interest-free deals.
- Repayments - we have assumed repayments will
be made monthly. Payments made more frequently will attract
additional payment processing fees, if applicable.
FAQs - frequently asked
Q: Why is the calculated repayment more than the amount the
lender has quoted?
A: Lenders will tell you what your minimum
repayment is, which is calculated as a percentage of the closing
balance. If you only make the minimum repayments you will not repay
the amount you borrowed within the interest-free period. The lender
will then charge a very high interest rate on the balance you still
owe at the end of the interest-free period. This calculator tells
you how much you will need to repay each month to pay off your
balance within the interest-free period.
Q: Can I make extra repayments if I want to?
A: Check your credit contract but you can
usually repay higher amounts or make extra repayments
Last updated: 17 Aug 2018