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Mortgage Loan Calculator (Australian) |
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Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances. You can even determine the impact of any principal prepayments. Press the report button for a full amortization schedule, either by year or by month.
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Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Amortization period
- The number of years over which you will repay this loan. The most common mortgage amortization periods are 20 years and 30 years.
- Mortgage payment
- Your principal and interest payment (PI) per period.
- Fortnightly payments
- 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.
- 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.
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