Loan Repayment Calculator

Loan Repayment Calculator

 

When you borrow money from a lender for a mortgage, student loan, auto loan, or other debt, you repay the loan in weekly, fortnightly or monthly installments according to the loan agreement. A portion of each payment is applied to the interest accrued on the loan, while the rest is applied to reduce the principal. The principal is simply the remaining balance owed on the loan. Because interest is assessed daily based on the balance of the principal, the frequency with which you repay your loan can dramatically affect the amount paid in interest and the length of time it takes you to repay the loan.

This loan repayments calculator will allow you to determine your minimum weekly, fortnightly or monthly payments. You can also see how your monthly payment amount and payment frequency will affect the interest paid and term of the loan.

To use the calculator, enter your loan amount, interest rate and loan term into the fields to the left. Then select your repayment frequency and the repayment type.

 

Note:

Under repayment frequency, the “monthly” option is equivalent to making the full payment once per month, the “fortnightly” option is equivalent to making half of the payment every two weeks and the “weekly” option is equivalent to making 25% of the payment every week.   Under repayment type, principal and interest means that the payment is applied to both the principal and interest, while interest only payments are applied only to the interest accruing on the loan.

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  1. Do you have a house or car that needs protection from debt collectors?
  2. Do you have unsecured debts of more than $10,000?
  3. Is your gross income less than $108,000?
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Active Debt Specialists is based in WA, successfully providing debt solutions to individuals and businesses since 1998. We help thousands of Western Australians to resolve their debt, keep their family homes, continue operating small businesses and eliminate financial stress.

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For further assistance we recommend you:

  • Speak to your Creditors
  • Call AFSA on 1300 364 795
  • Speak with a Financial Counsellor
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Please contact us for assistance once you have secured a regular income.

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Unfortunately, we are unable to assist you.

You need to have over $7,000 in unsecured debt to apply.
For further assistance we recommend you:

  • Speak to your Creditors
  • Call AFSA on 1300 364 795
  • Speak with a Financial Counsellor
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  1. Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.