Split Loan Calculator

Every type of loan, be it a mortgage, car loan, or student loan, requires monthly repayments. A portion of each payment is applied to the interest accrued on the loan while the remainder goes toward the principal (the remaining balance owed on the loan). The interest owed on the loan is determined by the rate charged by the lender to borrow the money. The interest rate can be fixed or variable, depending on the loan terms

A split loan is a fixed rate loan and a variable rate loan combined. One portion of the principal accrues interest at a fixed rate, which will not waiver. The remainder of the principal accrues interest at a variable interest rate. The variable interest rate will adjust with the federal interest rate over time.

The split loan calculator below can help you determine your loan repayments and total interest paid for a split loan. The calculator also compares the interest paid as a split loan versus a variable rate only.

To use the split loan, enter the loan amount, fixed portion of the loan (as a percentage) and period for the fixed portion (in years). Then enter the fixed and variable interest rates and the overall loan term. Finally, choose your repayment frequency.

The calculator will reveal your total monthly repayment amount, and show you how much is applied to the fixed and variable portions of the loan. You will also see the total interest payable on the loan, and the total interest payable if the loan was exclusively variable rate.


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

  • Because interest is assessed daily based on the principal of the loan, making your payments more frequently can reduce the amount of time you pay on the loan and the total interest paid. Adjust the repayment frequency from monthly to biweekly to weekly to determine the savings from increasing your payment frequency.
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