๐ฆ Loan Repayment Simulator
Enter the loan amount, annual interest rate, and term to simulate the monthly payment, total payment, and total interest. Useful for comparing mortgage, car loan, or student loan options.
How to use
- Enter the loan amount.
- Enter the annual interest rate.
- Enter the repayment term in years.
- The monthly payment, total payment, and total interest are calculated automatically.
FAQ
What repayment method is used?
It calculates using the equal-payment method, where the monthly payment amount stays constant.
How is total interest calculated?
It's the total payment (monthly payment ร number of payments) minus the original loan principal.
Can I use this to compare mortgage options?
Yes โ enter different rate and term combinations to compare the monthly payment and total interest side by side.
Can it factor in semi-annual bonus payments?
This tool assumes equal monthly payments only and doesn't model variable-payment plans like bonus-based repayment.
Can I see the effect of an early repayment?
The current version doesn't simulate a lump-sum early repayment directly, but you can approximate the effect by re-entering a shorter term and comparing the results.