Calculate Loan Repayments
Ownership of this site
This calculator is provided as a free service by Aitken Creek Ventures Pty Ltd (ABN 90 611 692 730), a company based in Victoria, Australia.
Scope of application
This calculator is suitable for standard loans that have fixed repayments and no balloon payment at the end of the loan term.
This includes home mortgage loans, personal/vehicle loans and business loans.
EMI loans
This calculator is suitable for calculating repayments and terms of Indian EMI loans.
You should select the option 'Standard principal-and-interest' on the home screen.
Inputs
The interest rate that should be entered is the annual interest rate.
The 'Loan currency minimum' is the minimum amount of currency that can occur for a repayment or interest payment. In dollars this is generally 0.01, meaning one cent.
This website uses the USA/UK/Australian number formats. Please do not include commas ',' or spaces in your input numbers. Use a decimal dot '.' to separate the fractional part of the number.
Mobile friendly
Au Calculate Central is a mobile-friendly website. We suggest that you add a shortcut icon to your mobile phone home screen with a shortcut to the site.
Total repayments and total interest paid
If the 'Show loan statistics' box is ticked on the input screen the total repayments over the life of the loan, and total interest paid will be shown on the results screen.
Modes of operation
The calculator can operate in two modes. First, is to calculate the repayments on a loan. This is performed by entering the data on the home screen and clicking on 'Calculate'.
Second, if you or your client is considering making higher than normal repayments to repay the loan in a shorter period of time, the remaining loan term for higher repayments can also be calculated. This function is accessed from the link on the home screen below the 'Calculate' button.
Assumptions
The calculator assumes that the interest calculation frequency is the same as the repayment frequency. In cases where the frequencies are different this only makes a very small difference to the final figures.
Also, it is assumed that repayments are made at the end of each period.
Rounding and the final loan payment
Loan repayments and interest charges must be made in whole cents (or the whole minimum unit of another currency). The calculator rounds repayment amounts up to the nearest minimum currency unit (e.g. one cent), which ensures that the loan is paid off in the correct number of periods and that the final payment is less that or equal to a regular payment. Due to the rounding issue the final payment on the loan account may be less than the other repayments during the life of the loan. The calculator reports the actual total repayments made which may be slightly less than 'repayment x periods x loan term'.
Foreign languages
The calculator is currently available in English text only.
Liability
While this calculator uses standard formulae the figures calculated are estimates only and you should check the results with indepedant sources. While the figures are provided in good faith you accept that Aitken Creek Ventures Pty Ltd will not be liable for any loss or damage you may incur as a result of using this website.
Acknowledgements
Image used under license from Freestock.com
Contact Us
We are happy to consider requests to add new features to this calculator.
For enquiries please contact Mark McIlroy at mark.mcilroy3@gmail.com