Paying off a mortgage or any other sort of loan? Fill all but one of the basic information fields and the other field with be calculated for you.
Notes: All the calcs are done here using iterative mathematics. This means that there will be rounding errors, not much though, typically a few cents depending on the number of iterations required.
Interest is accrued per "Calculate Interest" period. For example if repayments are monthly but interest is calculated daily, then each interest calculation is added to the balance daily. This makes the amortisation more "aggressive", ie it costs you more. This is *not* how most banks work, the interest may be calculated daily but is only accrued monthly. This in fact works in your favour especially if you make payments more often than the credit charge.
A month is not considered to be a calendar month nor 4 weeks, it is considered to be 365/12 ie 30.4167 days. It makes the maths easier - but might not agree with any other amortisation calculator you are using.
So: Use this calculator as a guide only!
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