Welcome to the Decision Tool web page. The tool is designed to help people see the link between monthly repayments and the total cost and length of a loan. Obviously larger repayments reduce interest charges and clear the balance more quickly, but the exact relationship is not obvious at all. Increasing low repayments only a little bit can lead to dramatic savings.
The Decision Tool is designed to work with all kinds of debt and loans, such as credit card debt, personal loans, and mortgages.
Go to the Decision Tool
This Decision Tool is still in an early stage of development. We don't provide any guarantee that the numbers are correct, but we're pretty sure they are!
If you are interested in this project, please e-mail Neil.Stewart@warwick.ac.uk. If you would like to link to this page, please use www.warwick.ac.uk/go/decisiontool/.
There are other on-line calculators available from:
Back to Neil Stewart's page or the Psychology Department.