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All loans for property, cars, or education generally require minimum monthly payments. Each payment is divided between interest and the loan balance or principal. The method of reducing the principal balance each month of the loan is known as amortisation. Interest on your loan is determined by the rate charged by the lender for you to borrow money. An interest rate can be fixed or variable, depending on the loan terms. A split loan is two different rate types, fixed and variable, combined. One part of the principal accrues interest at a fixed rate, which will not change. The remainder of the principal accrues interest at a variable interest rate.
The Split Loan Calculator here can help you determine your loan repayments and total interest paid for a split loan. The calculator also compares the interest paid as a split loan versus a variable rate only.
- Enter the loan amount, fixed portion of the loan (as a percentage) and period for the fixed portion (in years)
- Enter the fixed and variable interest rates and the overall loan term
- Choose your repayment frequency
You will see your total monthly repayment amount, and how much is applied to the fixed and variable portions of the loan. You will also see the total interest payable on the loan, and the total interest payable if the loan was exclusively variable rate.
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.
