-
Loan amount
-
Original or
expected balance for your loan.
-
Interest rate
-
Annual interest
rate for this loan.
-
Term
-
The number of
years over which you will repay
this loan.
-
Loan repayment
-
Your principal
and interest payment (PI) per
period.
-
Fortnightly and Weekly
repayments
-
Fortnightly
payments are a bi-weekly payment
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 payments
-
Total of all
monthly payments 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 a one time
payment.
-
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 payment
-
This is the
repayment number that your extra
repayments will begin with. For
a one time payment, this is the
payment 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.
-
Savings
-
Total amount of
interest you will save with
extra repayments.
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