Mortgage Calculator
Fortnightly Repayment Calculator
Use this fortnightly repayment calculator to quickly see the savings paying fortnightly, instead of monthly, can make.
For fortnightly and weekly repayments, there are several methods to calculate repayments. Among them, these two are the most popular:
1. Actuarial Method which calculates the minimum repayments such that the loan can be paid off at the end of the term, not sooner and not later. It is true for fortnightly and weekly repayments.
- 2. Half Monthly Repayment Method which calculates fortnightly and weekly repayments simply by dividing the monthly repayment by two and four respectively.
In method two, the fortnightly or weekly repayment will be higher than the actuarial method, which results in the borrower making extra repayments over the same 12-month period.
In effect, the borrowers will repay the loan sooner and also save some interest.
How To Use The Fortnightly Repayment Calculator
All you need to do is enter your basic loan details including the loan amount, interest rate, and loan term. Then our calculator will generate the difference weekly or fortnightly repayments calculator automatically.
Important notice: All computations are for illustrative purposes and do not constitute advice or a guarantee of a loan approval.
From Fortnightly Repayment Calculators to Home Loan Success
At the Property Education Company we love helping people use leverage to get ahead in their finances. We share tools like the fortnightly repayment calculator, comparison rate calculator and extra repayment calculator to help you understand the difference small actions can make. Start a conversation with our knowledgeable team – contact us today!
