Loan Repayment Calculator

Opening the Doors to Lending Possibilities

At Intellichoice we provide you with the best, easy to use and effective financial tools that can help improve your finances and prepare you for a loan or asset finance.

A Loan Repayment Calculator helps you check how long it will take to repay a loan. By simply editing the payment terms, interest rate and the amount of loan that you intend to borrow, you can determine how much interest you will pay for a specific loan term you choose.


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Loan Repayment Calculator

This calculator helps work out the approximate monthly repayments you will need to make on a personal loan or mortgage provides estimated loan repayments on a monthly, fortnightly or weekly basis. You will find that the figure will rarely match the figure provided by a bank as they may apply an administration fee for example, that is included or excluded from the APR they are quoting; first payment is sometimes larger than subsequent payments; the interest rate actually offered can be different to advertised rates depending on your circumstances; discounts may also apply.

Conclusion: Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly. In practice, interest compounding frequency may not be the same as repayment frequency. No rounding is done throughout calculation whereas repayments are rounded to at least the nearer cent in practice.

Home Loan Interest Rates to Use

First Home Purchase may offer different interest rates compared to a home loan refinance or a home loan investment. Current rates for first home mortgage ranges from 3.69% to 4.04%. Some first home loan interest rates can be fixed for a year, two and some are applicable for variable home loans.

Refinance Interest Rates ranges from 3.69%-4.04% and may require an upfront fee of no less than $295 up to $1180.

If you have a bank or a lender in mind, you can look up online the current interest rates offering. Contact an Intellichoice loan specialist to know the latest rates and fees when applying for home loans.

Loan Term Options

The loan term is referred to a time frame that you are to repay a mortgage. Home loans can be as short as a year or as long as 30 years. Longer loans have higher interest rates and the total accumulated interest is also higher compared to a short-term loan.

How often should I repay my loan?

Should you pay monthly, weekly or fortnightly? It does not make any difference on the interest on your loan whether you choose to repay weekly, monthly or fortnightly. Paying more than the minimum payment or making extra payments on your mortgage may help you repay your loan faster and save money on our mortgage too.

How can I improve my borrowing power?

Your borrowing power helps your loan without having to worry if you can afford to repay a loan or not. However, a high borrowing power does not indicate a higher capacity in repaying a loan. It also depends on other factors such as your

A Loan Specialist can Help

If you are looking into making monthly repayments lower or looking into getting the best interest rates for your mortgage, talking to a loan specialist would be the best option. A loan specialist has the best experience that can help you build a strategy that will make repaying your mortgage easier on the pocket.

Frequently asked questions

How to use the home loan repayment calculator

Using our home loan repayment calculator is basic.You should simply enter the following variables to calculate your monthly repayments, total interest on the loan and the total amount you would be required to pay over the term of the loan; Repayment frequency, Loan term, Interest rate, Loan amount and Loan type.

Why should you use a loan repayment calculator?

A home loan calculator is a perfect tool to enable you to deal with your mortgage repayments and pay off your loan in time. If you currently have a mortgage, you could use the home loan repayment calculator to figure out what your new monthly repayments would be if you refinanced to a longer or shorter loan term. You would also be able to keep track of the required mortgage repayments should interest rates fluctuate amid the term of your mortgage.

What does the calculator show me?

This calculator assesses the amount of money that could be borrowed from a lender to purchase a property. The figures provided by the calculator are estimates only, based on your inputs and a range of assumptions. The actual amount available for borrowing will be determined by the lender.

Who should use this calculator?

This calculator is a useful tool for any individual who needs to figure out what the maximum amount is they can borrow. It will be most applicable to those in the early stages of refinancing or getting a new home loan.

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