Loan Repayment Calculator

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Things you should know about loan repayments

An estimate of your home loan repayments by month, fortnight, or weekly is calculated based on your interest rate, loan amount and loan term, and can be calculated using the eChoice Loan Repayment Calculator. This tool will also calculate your estimated total loan repayment and total interest payable.
Using the eChoice Loan Repayment Calculator, if you were paying off a $250,000 loan at an interest rate of 3.92% over a 30-year term, your estimated repayments would be $1,183 per month and your total loan repayment would be $425,534.
Your loan repayment schedule is simply the frequency of your repayments. Depending on the frequency you have negotiated with your lender, you can usually set up a schedule to pay weekly, fortnightly or monthly.
Your lender will help you create your loan repayment schedule. If you have a change in circumstances and need to change the frequency of your loan repayments, your lender can help you.
Surprisingly, you could save a lot of money by making your mortgage repayments weekly or fortnightly, instead of monthly. One reason for this is that interest is calculated daily. Working from this, if you make your repayments fortnightly (instead of monthly) you are also making payments more frequently, thus reducing the interest you will end up paying on the loan. The other reason fortnightly (or weekly) repayments could save you money in the long run is that there are 12 months in a year, but 26 fortnights. If there are 4 weeks in a month, then 26 fortnights is actually the equivalent of 13 months. This means that you are annually paying more towards your mortgage and thus, paying it off quicker and reducing your interest.

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