Mortgage Repayment Calculator
The Mortgage Repayment Calculator - Known Payment, enables you to calculate how long it will take to repay your loan given a known fixed payment amount, for a given mortgage (loan), at a given interest rate.
To determine the payment amount for a mortgage/loan, use the Mortgage Repayment Calculator.
For those interested in how much they would need to pay in terms of Victorian stamp duty and transfer fees, you can use the Victorian Stamp Duty calculator.
Mortgage Repayment Calculator - Payment Known
The Mortgage Repayment Calculator enables you to work out the payment amount for a loan. A common exercise to do with a loan is to try to save money on the loan by paying more. Another technique is to take the monthly payment amount, halve or quarter the monthly amount for fortnightly or weekly repayments. Because months are mostly longer than 28 days this means people effectively make one extra payment a year. The extra payments reduce the term of the loan and the interest paid.By entering a known payment amount this calculator enables you to determine the loan repayment period and shows you the amount paid and how much will be interest.
The mortgage is the loan you have borrowed. The loan is assumed to be an interest and capital loan and not an interest only loan.
Enter the amount to be paid each time you make a regular payment. This could be a monthly, fortnightly or weekly payment. You don't need to specify how often you pay as the calculator shows the loan repayment time for monthly, fortnightly and weekly repayments.
The default payment frequency is for payments to be monthly. You can also select fortnightly or weekly.
The interest rate you enter is the rate at which you agree to at the time of taking out the loan. The most common type of loan is a variable interest loan. The mortgage repayment calculator works out your monthly repayments based on this initial interest rate. The variable interest rate will change over time and often it may be necessary to adjust the monthly repayment amount.
No. of Payments
This is the number of payments required.
How many years it will take to pay off the loan.
Total Payments shows you how much you will pay over the life of the loan.Total Interest
The Total Interest amount paid for the loan.
Try the following and see how much interest you save and how long you reduce the loan by.
The Mortgage Repayment Calculator web app comes with no warranty expressed or implied. The Mortgage Repayment Calculator web app is only for informational purposes and is not guaranteed to be error free. The information on this page is not intended to be advice.