Saturday, February 26, 2005

Loan Repayment Calculator

Home Loan Payment Calculator

This calculator will compute a loan's payment amount at various payment intervals - based on the principal amount borrowed, the length of the loan and the annual interest rate.

Use this data before you apply for a loan to develop a repayment strategy. Select a loan term and conditions that give you a safety net in case your financial situation changes, but make your repayments according to the most favourable schedule you can develop or afford.

You can play around with the different variables and see exactly what effect it will have on payments. When you look at the 'Grand Total' at the end of the amortization (repayment) schedule you may be surprised at the difference in the amount of interest you pay with the different options. Small changes can have significant effects.

Click here to use the Calculator