Loan Repayment Calculator Method 3

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This calculator helps you work out what your regular repayments will be based on your loan amount. Repayments frequency can be changed to monthly, fortnightly or weekly. Calculate both Principal and Interest repayments as well as Interest Only repayments for a loan term. You can also see how the loan will diminish over time on the amortisation table.

  • It does not take into account any possible fees i.e. up-front fees or ongoing fees.
  • Interest rate does not change over the loan term.
  • Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly. In practice, interest compounding frequency may not be the same as repayment frequency.
  • For the purpose of calculating repayments it is assumed that a year consists of 24 fortnights or 48 weeks
  • It is assumed there will be 26 fortnightly repayments in a year, and 52 weekly repayments in a year.
  • By repaying your home loan on a weekly or fortnightly basis you will be making the equivalent of an extra monthly repayment each year, this will help you repay your home loan sooner and also save you interest.
  • No rounding is done throughout calculation whereas repayments are rounded to at least the nearer cent in practice.