Loan repayment is the periodic payments of a part of the principal amount of the loan such as mortgage loan, car loan, etc. coupled with interest charged on the remaining principal amount.
When should you use Loan Repayment Calculator?
Use this calculator when you are beginning the repayment of your loans for the first time, or exploring options based on your income.
It will give you an estimate on how much your fortnightly or monthly repayments will be, based on how much you plan to borrow. It will also work out the approximate total interest payable amount and total payment.
TIP: The best way to work out a budget is to set your repayments to the same intervals in which you are paid.