Home Loan Repayment Calculator
This calculator is a simple tool use to calculate your estimated principal & interest mortgage repayments. If you require assistance with using the calculator, we are only a click away…
Using The
Calculator
Calculate your estimated principal & interest mortgage repayments based on the loan amount and the interest rate. The frequency can be changed to weekly or monthly.
Assumptions:
- It does not take into account any possible up-front fees. Only Ongoing fees are used not Upfront or End of loan fees (i.e. discharge costs).
- 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, the interest compounding frequency may not be the same as repayment frequency.
- It is assumed that a year consists of 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
- No rounding is done throughout the calculation whereas repayments are rounded to at least the nearest cent in practice.
