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.

Assumptions

• 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.
• It is assumed that a year consists 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
• No rounding is done throughout calculation whereas repayments are rounded to at least the nearer cent in practice.