eChoice Home Loans

Home Loan Repayments Calculator

Determine your minimum home loan repayment with the home loan repayments calculator. This online calculator lets you calculate your required repayment at various frequencies.

Enter the specifics of your home loan such as its amount, interest rate and loan term. Then, you may choose your desired repayment frequency. You may choose among fortnightly, weekly, monthly and annually as options.

As a guide, this calculator assumes that all months are of equal length. But in reality, these loans accrue on a daily basis which leads to varying numbers of days' interest. This calculator also assumes that a year has 52 weeks or 26 fortnights. Therefore, this implies that it considers a year to be 364 days long rather than the real 365 or 366 days.

You may also edit your payment type from either the principal and interest or the interest only option. Once you have entered all the details, this calculator will show you your repayment and total payable interest based on the repayment frequency that you have specified.

In reality, repayments are rounded to the nearest cent. However, this calculator uses unrounded calculations to plot the payment in the graph. Also, its results should only be used as an indication and not as a quote or pre-qualification for a loan. For loan pre-qualifications, contact one of eChoice's home loan consultants right now.