ACalculator is committed to assist you in your financial calculations. Australian Loan Calculator will help you to find out the weekly, fortnightly, monthly, or yearly repayments. Beside, this will calculate for total interest and possible savings from the loan. The graphical reports will then show the breakdown of principal balances and repayment schedule.
The genuine balance of your current loan or the expected balance of your future loan.
Yearly rate of interest charged on the loan.
Duration of repayment. It indicates number of years in which you will repay the loan.
Total amount of payment per period found by adding principal and interest.
Fortnightly and Weekly repayments
The calculations for fortnightly payments consider your weekly calculation by considering 52 weeks in a year or 26 payments. Simply understood as bi-weekly payment, it is calculated in an accelerated way by equally dividing the monthly payment by two. So, the normal yearly (12 months) payment is converted to 24 payments. At the end, you pay 2 additional bi-weekly payments which are equal to one additional monthly payment. Actually, these last two extra payments are the reason your term length are reduced and resulting in reduced principal loan payments.The weekly payment is analyzed for 52 payments in a year.
Total amount of payments made monthly to pay off the loan. It is assumed that you will make no additional payments and prepayments.
Amount of interest paid in total. The assumption here is that you will make no additional payments of principal.
Extra repayment type
This menu provides options to select your possible frequency of additional repayments (prepayments). There are six options; none, weekly, fortnightly (bi-weekly), monthly, yearly, and one time.
Extra repayment amount
Total repayment amount paid through your chosen ‘Extra repayment type’ to pay off the loan.
Start with payment
This indicates the payment number with which the repayment will begin. For example, if you enter ‘3’, prepayment will begin with your third regular payment. Again, if you enter ‘0’, prepayment will begin initially before you make any regular payment.
Amount of interest amount that will be saved by making additional repayments (prepayments).