-
Loan amount
-
Original or expected
balance for your loan.
-
Interest rate
-
Annual interest rate
for this loan.
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Term
-
The number of years
over which you will repay this loan.
-
Loan repayment
-
Your principal and
interest payment (PI) per period.
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Fortnightly and Weekly repayments
-
Fortnightly payments
are a bi-weekly payment option where
repayments are calculated by taking
your normal monthly repayment and
dividing it by two. Since you pay 26
fortnightly payments, by the end of
each year you have paid the
equivalent of one extra monthly
repayment. This additional amount
accelerates your loan payoff by
going directly against your loan's
principal. The effect can save you
thousands in interest and take years
off of your loan.
Weekly repayments
work like fortnightly repayments,
except you have 52 weekly payments
per year, each of which is 1/4 of a
normal monthly repayment for your
selected term.
-
Total payments
-
Total of all monthly
payments over the full term of the
loan. This total repayment amount
assumes that there are no extra
repayments of principal.
-
Total interest
-
Total of all
interest paid over the full term of
the loan. This total interest amount
assumes that there are no extra
repayments of principal.
-
Extra repayment type
-
The frequency of
prepayment. The options are none,
weekly, fortnightly, monthly, yearly
and a one time payment.
-
Extra repayment amount
-
Amount that will be
prepaid on your loan. This amount
will be applied to the loan
principal balance, based on the
prepayment type.
-
Start with payment
-
This is the
repayment number that your extra
repayments will begin with. For a
one time payment, this is the
payment number that the single extra
repayment will be included in. All
extra repayments are assumed to be
received by your lender in time to
be included in the following month's
interest calculation.
-
Savings
-
Total amount of
interest you will save with extra
repayments.
Useful
Information
