Mortgage Loan Calculator
Use this calculator to generate an amortisation schedule for your current mortgage. See how much interest is paid and your principal balances throughout the duration of the loan. You can even determine the impact of making additional principal "prepayments".
Click the "View Report" button for a detailed look at your results.
Click the "View Definitions" button to read a description of the various fields and definitions.
Definitions
- Mortgage amount
The total amount borrowed at the time the mortgage was established or the expected balance for your mortgage.
- Amortization period
The agreed duration of the loan. The most common mortgage amortisation periods are 20, 25 and 30 years.
- Payment type
The frequency of loan repayments. The options are monthly, fortnightly or weekly.
Fortnightly payments are a bi-weekly payment option where payments are calculated by taking your normal monthly payment and dividing it by two. Since you pay 26 fortnightly payments, by the end of each year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage.
- Interest rate
The annual interest rate applied to this mortgage. As the calculator cannot make predictions regarding future movements in official interest rates you should use the current published interest rate for the particular mortgage product.
- Mortgage payment
The calculated amount of your scheduled repayments which includes the principal and interest per period.
- Total payments
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
- Prepayments
Principal prepayments on your mortgage can save you a great deal of interest. They can also shorten the time it takes to pay off your mortgage, in many cases, by several years.
- Type
The frequency of any planned prepayments. Options available in this calculator are none, weekly, fortnightly, monthly, yearly and one time (e.g. proceeds from an estate settlement).
- Amount
The prepayment amount.
- Start with payment
The period within the repayment schedule when the prepayments will commence. This is based on the payment frequency selected in the "Payment type" field.
- Savings
The total amount that the prepayments save over the duration of the mortgage.
Disclaimer
This calculator is intended to provide general information only and has been provided by HNW Planning Pty Ltd ABN 42 083 745 055 (AFSL number 225216) to assist in planning your retirement without specifically taking into account your objectives, financial situation or needs. Before acting on this information, you should consider the appropriateness of this information having regard to your personal objectives, financial situation or needs.
This calculator is only intended to be a general illustration. It cannot, and does not try to, predict any particular persons final retirement benefit. Invested benefits can be affected by sudden changes to your individual circumstances, legislation, investment earnings, tax and inflation.
You should not rely on this tool when making decisions about a particular superannuation fund or strategy. We recommend you obtain financial advice specific to your situation from an Australian Financial Services Licensee or one of their Authorised Representatives before making any financial investment or insurance decision.
HNW Planning Pty Limited, Suite 17c 8-12 Karalta Rd Erina NSW 2250