About the Mortgage Repayment Calculator Advanced
The repayment calculator allows the user to calculate their loan repayments then
observe the effect of making additional repayments and redraws You do not need to
enter a fixed interest rate period.
If the loan is a variable interest rate and you only know the current variable rate
enter this in the variable interest rate field. The repayment calculator is based
on interest being calculated and charged monthly. Additional repayments, both one
off and every month, are assumed to occur during the month, hence are deducted prior
to interest being calculated. Similarly, redraws are added to the balance prior
to interest being calculated. Entry fees are added to the amount borrowed.
The updated loan summary is the difference between the initial loan details entered
and all the additional repayments and redraws listed. If the user enters both an
initial fixed interest rate and a variable interest rate the repayments for both
these periods are set prior to any additional repayments or redraws being made.
This means that if the borrower makes additional repayments in the initial period
of the loan, they will reduce the term of the loan not the required repayment in
the second period of the loan.
The final repayment is the repayment made in the last period of the loan to pay
out the remaining balance.
You can enter any lump sum to be paid on the loan and the number of the month in
the loan term where the lump sum is added (eg, month 1, 2... 10, 12 of the loan
term etc) and/or the amount of any extra repayments and the number of the month
in the loan term where the lump sum is added (eg, month 1, 2... 10, 12 of the loan
If you have any problems with or questions about the Repayment Calculator, email