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 Loan
Calculator
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Use this
calculator to quickly see your repayment and
how much interest you will pay. You can even
determine the impact of any extra repayments
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Definitions
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Loan amount
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Original or expected balance for your loan.
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Interest rate
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Annual interest rate for this loan.
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Term
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The number of years over which you will repay this
loan.
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Loan repayment
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Your principal and interest payment (PI) per period.
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Fortnightly and Weekly repayments
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Fortnightly payments are a bi-weekly payment option
where repayments are calculated by taking your normal
monthly repayment and dividing it by two. Since you
pay 26 fortnightly payments, by the end of each year
you have paid the equivalent of one extra monthly
repayment. This additional amount accelerates your
loan payoff by going directly against your loan's
principal. The effect can save you thousands in
interest and take years off of your loan.
Weekly repayments work like fortnightly repayments,
except you have 52 weekly payments per year, each of
which is 1/4 of a normal monthly repayment for your
selected term.
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Total payments
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Total of all monthly payments over the full term of
the loan. This total repayment amount assumes that
there are no extra repayments of principal.
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Total interest
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Total of all interest paid over the full term of the
loan. This total interest amount assumes that there
are no extra repayments of principal.
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Extra repayment type
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The frequency of prepayment. The options are none,
weekly, fortnightly, monthly, yearly and a one time
payment.
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Extra repayment amount
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Amount that will be prepaid on your loan. This amount
will be applied to the loan principal balance, based
on the prepayment type.
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Start with payment
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This is the repayment number that your extra
repayments will begin with. For a one time payment,
this is the payment number that the single extra
repayment will be included in. All extra repayments
are assumed to be received by your lender in time to
be included in the following month's interest
calculation.
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Savings
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Total amount of interest you will save with extra
repayments.
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