The Principal and Interest Calculator is a handy tool that allows you to work out how much of your monthly payment is interest and how much is principal. It also displays how much interest you will pay during the term of your loan.
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Principal & Interest - Step by Step Guide
The Principal and Interest Calculator is a quick and easy tool that calculates how much of your monthly payment is interest and how much is principal. The total interest payable during the term of your loan is also displayed.
- You begin by entering your loan details including the loan amount, interest rate, any extra monthly repayments and the number of years of your loan.
- You now hit the calculate button and are taken to an authorization table.
- The authorization table displays the interest and principal you pay on each payment, the running total of these payments throughout the term of your loan and the amount of principal outstanding each month.
*Please note that the figures displayed are to be used as a guide only.