- Loan amount
- Original or expected balance for your loan.
- Interest rate
- Annual interest rate for this loan.
- Term
- The number of years over which you will repay this loan.
- Repayment type
- Your principal and interest repayment (PI) per period.
Fortnightly repayments are a bi-weekly repayment option where repayments are calculated by taking your normal monthly repayment 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 repayment. 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 loan.
Weekly repayments work like fortnightly repayments, except you have 52 weekly payments per year, each of which is 1/4 of a normal monthly repayment for your selected term.
- Total repayments
- Total of all monthly repayments over the full term of the loan. This total repayment amount assumes that there are no extra repayments of principal.
- Total interest
- Total of all interest paid over the full term of the loan. This total interest amount assumes that there are no extra repayments of principal.
- Extra repayment type
- The frequency of prepayment. The options are none, weekly, fortnightly, monthly, yearly and one-time.
- Extra repayment amount
- Amount that will be prepaid on your loan. This amount will be applied to the loan principal balance, based on the prepayment type.
- Start with repayment
- This is the repayment number that your extra repayments will begin with. For one-time repayment, this is the repayment number that the single extra repayment will be included in. All extra repayments are assumed to be received by your lender in time to be included in the following month's interest calculation.
- Savings
- Total amount of interest you will save with extra repayments.
