For the calculator to work, you will need to have specific information on hand before using it. Your loan amount, interest rate, current payback amount, and current repayment frequency must all be provided.
You have the option of entering your current regular loan payments or how much you can afford to pay. This will decide the length of time it will take you to repay your loan. Here's what you'll need to fill out the form:
Loan amount - The loan amount refers to how much money you've borrowed or how much money you still owe on your loan.
Interest rate - After the introductory rate ends, the interest rate, which might be fixed or variable, is the rate at which you return the loan.Repayment - This refers to the amount of money you want to pay back on a regular basis.
Repayment frequency - The frequency with which you will make your installments is usually monthly, fortnightly, or weekly.
Once you've filled out all of the relevant fields, the calculator will calculate how much of your repayment will go toward interest and how much will go toward principal (the actual loan).