Before taking out a new home loan it’s important to understand the costs involved and to see how much interest you’re actually paying! Use this home loan calculator to understand your monthly installment and see exactly what the principle and interest amount are each month.
You can also request that the detailed amortization report be emailed to you as a PDF. If you don’t receive a mail within minutes please check your spam folder.
Note that this home loan calculator can also be used as a personal loan calculator or car finance calculator. Just add in the appropriate amounts; the maths it the same!
If you are interested to learn how to do these calculations yourself and to make your own spreadsheet, then have a look at this short Udemy course on home loan calculations. This will help you understand the formulas involved and also empower you to accurately calculate the effects of extra payments towards your home loan.
Then, you may also like to read up on why I would rather pay my loan instead of investing. This is a personal decision which not everyone agrees with. That’s okay though. It’s good to educate yourself and make informed decisions.
Hope you find this home loan calculator useful. Let me know if you have queries about home loans or how interest works. I like to write about such topics and your questions may inspire a new post on the subject.