Interest only mortage calculator
Description
This interest only mortgage calculator helps you work out what your regular repayments during and after interest only period will be based on your loan amount. Repayments frequency can be changed to monthly, fortnightly or weekly. Calculate both Principal and Interest repayments for a loan term.
Assumptions
- It does not take into account any possible up-front fees. Only Ongoing fees are used not Upfront or End of loan fees (i.e. discharge costs)
- 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, interest compounding frequency may not be the same as repayment frequency.
- It is assumed that a year consists 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
- No rounding is done throughout calculation whereas repayments are rounded to at least the nearer cent in practice.
KANEBRIDGE CALCULATORS
