Assumptions
- Interest rate does not change over the loan term.
- Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly. In practice, the interest compounding frequency may not be the same as repayment frequency.
- It is assumed that a year consists of 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
- No rounding is done throughout the calculation whereas repayments are rounded to at least the nearest cent in practice.
Disclaimer
The information provided by this calculator is intended to provide illustrative examples based on stated assumptions and your inputs. Calculations are meant as estimates only and it is advised that you consult with a mortgage broker about your specific circumstances
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