1. What is the Weekly Home Loan Repayment Calculator?

The Weekly Home Loan Repayment Calculator computes your fixed weekly mortgage payments based on the loan amount, interest rate, and loan term. It uses the standard loan amortization formula adapted for weekly payments.

2. How Does the Calculator Work?

The calculator uses the weekly repayment formula:

Where:

• \( PMT_w \) — Weekly payment amount
• \( P \) — Principal loan amount
• \( r_w \) — Weekly interest rate (annual rate ÷ 52)
• \( n_w \) — Total number of weekly payments (years × 52)

Explanation: The formula calculates the fixed payment needed to fully amortize a loan over its term, accounting for compound interest.

3. Importance of Weekly Repayment Calculation

Details: Knowing your exact weekly repayment helps with budgeting and financial planning. Weekly payments can save interest compared to monthly payments by making more frequent principal reductions.

4. Using the Calculator

Tips: Enter the total loan amount, annual interest rate (as a percentage), and loan term in years. The calculator will compute your weekly repayment amount.

5. Frequently Asked Questions (FAQ)

Q1: How does weekly compare to monthly repayments?
A: Weekly payments are typically about 1/4 of the monthly amount, but you make 52 payments per year instead of 12, which can reduce total interest paid.

Q2: Are there any fees not included in this calculation?
A: This calculates principal and interest only. Lenders may charge additional fees not reflected here.

Q3: Can I change payment frequency after starting my loan?
A: This depends on your lender's policies. Some allow switching between payment frequencies.

Q4: How accurate is this calculator?
A: It provides a close estimate, but your actual payment may differ slightly due to rounding or specific lender policies.

Q5: Does this account for variable interest rates?
A: No, this calculates fixed payments for a constant interest rate. Variable rates would change payments over time.