Interest Only Loan Calculator (Australian)
Use this calculator to generate an amortization schedule for an interest only loan. Quickly see your repayment and how much interest you will pay. Press the report button for a full amortization schedule, either by year or by repayment.
Interest Only 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 choices are weekly (52 payments per year), fortnightly (26 payments per year), monthly or annually.
- 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 extra repayments. 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 extra repayment 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.