Loan Repayment Formula:
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The Personal Loan Repayment Calculator helps you estimate your monthly payments for a CommBank personal loan based on the principal amount, interest rate, and loan term.
The calculator uses the standard loan repayment formula:
Where:
Explanation: The formula calculates the fixed monthly payment required to fully repay a loan over its term, including interest.
Details: Understanding your monthly repayment helps with budgeting and ensures the loan is affordable before you commit. It also allows comparison between different loan options.
Tips: Enter the loan amount in AUD, annual interest rate as a percentage, and loan term in years. All values must be positive numbers.
Q1: Does this include CommBank's fees?
A: This calculation only includes principal and interest. Additional fees may apply - check with CommBank for complete cost details.
Q2: How accurate is this calculator?
A: It provides a good estimate, but actual repayments may vary slightly due to rounding or specific loan terms.
Q3: Can I calculate fortnightly repayments?
A: For fortnightly repayments, divide the monthly amount by 2 and adjust the interest rate accordingly.
Q4: What if I make extra repayments?
A: Extra repayments will reduce your loan term and total interest paid, but aren't reflected in this basic calculation.
Q5: How does interest rate affect repayments?
A: Higher rates increase monthly payments. Even a 1% difference can significantly impact your repayment amount over time.