The Aussie Home Loan Calculator

I am one of the (apparently) 70% of Western Australians who own their own home. Well, actually the bank still owns most of it - I think I can lay claim to the kitchen. In a vain attempt to increase this stake to at least the kitchen, the dining room and the top half of the staircase, I created this home loan calculator.

This simulates a typical home loan with an Australian bank:

* Interest is calculated daily and added monthly.
* Repayments weekly, monthly or fortnightly.
* You can change your repayments during the period of the loan, or make one-off payments.

If your terms are different, drop me a line and describe them to me. I might be able to incorporate them into this calculation.

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Home Loan Details

Principal: $ at initial interest rate of %.

Repayments: $ Weekly Fortnightly Monthly

Show progress every months.

Advanced Options

You can change the terms of your loan up to five times. Each time, you can change the interest rate, the regular repayment, make a one-off payment, or any combination of these. Enter values in the fields you want to change and leave the others blank.

For example, to change your repayment to $250 and make a one-off payment of $5000 at the end of the second year of your loan, enter a row with "2" for Years, "250" for Regular Repayment and "5000" for "One-Off Payment".

Years Change
interest rate
Change
regular repayment
Make
one-off payment
% $ $
% $ $
% $ $
% $ $
% $ $

The calculations may take a couple of minutes. Please be patient ...

Disclaimer

I've tried to make this calculation match what a bank would actually do, but I can't guarantee it. Whatever you do, check with a bank as well!

Speaking of banks ... I found that this is not the only Australian home loan calculator available on the Web. The Commonwealth Bank and Westpac both do something similar (Just between you and me, I think mine is better ...)

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Gihan's Home Page

Gihan Perera gihan@pobox.com
17-Jul-96
http://www.pobox.com/~gihan/homeloan.html
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