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Loan Calculator (Australian)

Use this calculator to generate an amortization schedule for a loan. Quickly see your repayment and how much interest you will pay. You can even determine the impact of any extra repayments. Press the report button for a full amortization schedule, either by year or by repayment.

Your repayment is MONTHLY_PI for a rate of INTEREST_RATE.

Loan Summary
Loan amountLOAN_AMOUNT
TermTERM years
(The actual time required to payoff this loan will be shorter if you choose a fortnightly or weekly repayments.)
Loan will be paid off afterPAYMENTS_LBL with scheduled repaymentsPREPAY_PAYOFF_MESSAGE
Interest rateINTEREST_RATE
Total repaymentsTOTAL_OF_PAYMENTS
Total interestINTEREST_PAID

Extra repayment results

Extra principal repayments on your loan can save you a great deal of interest. They can also shorten the time it takes to pay off your loan, in many cases, by several years, assuming the interest rate does not change during the repayment period. PREPAY_MESSAGE

Extra Repayment Summary
Start with repaymentPREPAY_STARTS_WITH 

Repayment schedule


Loan Calculator (Australian) Definitions

Loan amount
Original or expected balance for your loan.
Interest rate
Annual interest rate for this loan.
The number of years over which you will repay this loan.
Repayment type
Your principal and interest repayment (PI) per period.

Fortnightly repayments are a bi-weekly repayment 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 repayments
Total of all monthly repayments 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 one-time.
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 repayment
This is the repayment number that your extra repayments will begin with. For one-time repayment, this is the repayment 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.
Total amount of interest you will save with extra repayments.

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