Loan Repayment Calculator

When you borrow money from a lender for a mortgage, student loan, auto loan, or other debt, you repay the loan in weekly, fortnightly or monthly installments according to the loan agreement. A portion of each payment is applied to the interest accrued on the loan, while the rest is applied to reduce the principal. The principal is simply the remaining balance owed on the loan. Because interest is assessed daily based on the balance of the principal, the frequency with which you repay your loan can dramatically affect the amount paid in interest and the length of time it takes you to repay the loan.

This loan repayments calculator will allow you to determine your minimum weekly, fortnightly or monthly payments. You can also see how your monthly payment amount and payment frequency will affect the interest paid and term of the loan.

To use the calculator, enter your loan amount, interest rate and loan term into the fields to the left. Then select your repayment frequency and the repayment type.


  • Under repayment frequency, the "monthly" option is equivalent to making the full payment once per month, the "fortnightly" option is equivalent to making half of the payment every two weeks and the "weekly" option is equivalent to making 25% of the payment every week.
  • Under repayment type, principal and interest means that the payment is applied to both the principal and interest, while interest only payments are applied only to the interest accruing on the loan.

Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan.

Money-Saving Tips:

  • Make payments weekly or fortnightly rather than monthly to amortise the loan more quickly. This will reduce the amount of interest paid and shorten the length of time it takes you to repay the loan.
  • Make an extra payment each year. Again, paying more than the minimum number of payments each year will reduce the principal faster, saving you money and reducing the term of the loan.
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