Our Repayment Calculator helps you estimate loan repayments, total interest, and your potential payoff date. Quickly see how extra repayments can shorten your loan term and save you money.
What the Repayment Calculator does
The Repayment Calculator is designed to give you a clear snapshot of your loan. Enter your loan amount, annual interest rate, and term to see your estimated repayment per period. You can choose a repayment frequency that suits your cash flow, such as monthly, fortnightly, or weekly. If you plan to make extra repayments, the calculator will show how much interest you could save and how much earlier you could be debt-free.
How to use the Repayment Calculator
- Enter your loan amount. This is the amount you plan to borrow or the outstanding balance on your current loan.
- Enter your annual interest rate as a percentage (for example, 6.5 for 6.5%).
- Choose your loan term in years.
- Select your repayment frequency: monthly, fortnightly, or weekly.
- (Optional) Add any upfront fees you plan to roll into the loan principal.
- (Optional) Enter an extra repayment amount you intend to pay each period.
- (Optional) Pick a start date to estimate your payoff date.
Once your details are entered, the calculator will estimate your regular repayment, total interest over the life of the loan, and the difference extra repayments can make. If you enter a start date, it will also project your expected payoff date.
Why repayment frequency matters
Changing repayment frequency can better align your cash flow with your income cycle. Weekly or fortnightly repayments can sometimes reduce total interest paid because you are effectively paying down the principal more frequently. While the interest rate remains the same, more frequent reductions in the balance can lead to small but meaningful savings over time.
Benefits of extra repayments
- Lower total interest: Every extra dollar paid toward principal reduces the interest charged in subsequent periods.
- Faster payoff: Extra repayments can significantly shorten your loan term.
- Greater flexibility: You can adjust extra repayments as your situation changes, subject to your lender’s rules.
For example, adding a modest extra amount to each payment can shave years off a long-term mortgage. The Repayment Calculator quantifies this effect so you can make confident decisions.
Understanding your results
Your results will typically include:
- Regular repayment per period without extra repayments.
- Adjusted repayment per period when extra repayments are included.
- Total interest over the life of the loan, with and without extra repayments.
- Estimated number of payments and projected payoff date, if a start date is provided.
- Time and interest savings from extra repayments.
Tips for accurate estimates
- Use the actual rate your lender provides, including any discounts or intro rates that apply long term.
- If you intend to capitalize fees, add them to the loan via the fees field so they are included in the principal.
- Review your budget to pick a repayment frequency that matches your pay cycle, reducing the chance of missed payments.
Limitations and assumptions
This calculator assumes a fixed interest rate and level repayments throughout the term. If your loan rate changes or if your lender calculates interest differently, your real-world results may vary. Always confirm final figures with your lender and consider speaking with a qualified financial professional for personalized advice.
Take control of your loan
Whether you are planning a new loan or managing an existing one, the Repayment Calculator can simplify your decision-making. Explore different rates, terms, and extra repayment scenarios to find a plan that fits your goals. Small adjustments today can translate into substantial savings over the life of your loan.