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Anytime you have a loan, whether on a home mortgage, student loan, or car loan, you must make monthly payments to repay the debt. As you make each payment, your money goes to pay off the principal portion of the loan. This is the actual balance on the loan. The rest goes toward the interest. Interest is determined on a daily basis. The interest you pay is based on how much principal you owe. Therefore, if you pay extra on your principal each month, you can save money. Not only will you pay off your loan more quickly, but also the interest you pay will dramatically decrease
This Loan Repayments Calculator is a useful tool to help you decrease the total amount you will pay on your loan. This calculator lets you:
- Determine your minimum monthly payments
- Determine your weekly, bi-weekly or fortnightly payments
- View how your monthly payment amount will affect the interest paid and the term of the loan
- View how payment frequency will affect the interest paid and the term of the loan
Using this calculator is easy. Simply enter your loan amount, interest rate and length of loan in years. Then, select your repayment frequency as well as the repayment type.
By making payments weekly or bi-weekly, you can greatly decrease your loan amount. And, by paying more on your principal, you can eventually pay off the loan more quickly, thus paying less interest. Using this loan repayment calculator will help you determine the types of payments you should make (weekly, bi-weekly, or monthly) and how frequently you should make them.
Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan.
