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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.
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.
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.