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Principal and Interest Calculator – Amortisation Calculator
Wondering how much of those home loan repayments you’re making is going towards your original debt and how much is being eaten up by interest charges?
In the first few years of your home loan, it might seem like you’re going nowhere fast, but rest assured, you will be making steady progress. The longer you’ve been paying off your home loan, the less interest you’ll be being charged each month and the more you’ll be chipping away at the principal.
The iSelect Principal and Interest Calculator shows you where your repayments will be going over the life of your home loan.
How to Calculate Principal and Interest
Using the Principal and Interest Calculator couldn’t be easier – simply enter the following details:
1. Your loan amount.
2. The loan period.
3. The interest rate.
4. Any extra repayments you’re making.
How to read the results
The Principal and Interest Calculator will provide you with a breakdown showing how much of your repayments will go towards the interest and how much towards the principal each month.
It also displays a running total on how much you’ve paid towards each, as well as the principal you’ll have remaining at the end of every month.
Try playing around with different extra repayment amounts to see how they might reduce your interest charges and time spent paying off your home loan.
iSelect powered by AFG does not compare all home loan lenders or products in the market. Some products may only be available from iSelect powered by AFG’s call centre. The availability of products may change from time to time. Not all products available from iSelect powered by AFG’s providers are compared due to commercial arrangements, your stated needs and circumstances. Not all products compared by iSelect powered by AFG will be available to all customers. Click here to iSelect powered by AFG’s range of lenders. Home loans products arranged by iSelect Mortgages Pty Ltd (ACN 148 217 181) powered by AFG, is an authorised credit representative of Australian Finance Group Limited (Australian Credit Licence Number 389087). Any advice provided in this email/article is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect powered by AFG’s advice or purchasing any product. iSelect receives commission for each product sold.