Westpac Personal Loan Calculator Repayments Table

Loan Payment Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Monthly Payment (PMT):

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1. What is the Westpac Personal Loan Calculator?

The Westpac Personal Loan Calculator helps you estimate your monthly repayments and generates a detailed repayment schedule showing how much of each payment goes toward principal and interest over the life of your loan.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

\( P \) — Principal loan amount (AUD)
\( r \) — Monthly interest rate (annual rate divided by 12)
\( n \) — Number of monthly payments (loan term in years × 12)
\( PMT \) — Monthly payment amount (AUD)

3. Understanding Your Repayments

Amortization: Early in your loan, most of your payment goes toward interest. As you pay down the principal, more of each payment goes toward reducing the loan balance.

4. Using the Calculator

Tips: Enter the loan amount in AUD, the annual interest rate (Westpac's current rates), and the loan term in years. The calculator will show your estimated monthly payment and full repayment schedule.

5. Frequently Asked Questions (FAQ)

Q1: Are Westpac's actual rates different?
A: This calculator uses the rate you input. Check Westpac's current rates as they vary by loan type and customer.

Q2: Does this include fees?
A: No, this calculates principal and interest only. Account fees may apply.

Q3: Can I make extra repayments?
A: Westpac typically allows extra repayments on variable rate loans, which would reduce your total interest.

Q4: How accurate is this calculator?
A: It provides estimates. Your actual payments may differ based on rate changes, fees, or rounding.

Q5: Can I get this for a car loan?
A: Yes, the same formula applies to Westpac's fixed-rate personal loans including car loans.