Planning your loan repayments can be overwhelming, especially when factoring in interest, fees, and repayment frequency. The CBA Repayment Calculator simplifies this process by allowing you to calculate your repayments, total interest, ongoing fees, and overall loan cost instantly.
This tool is perfect for borrowers taking out home loans, personal loans, car loans, or business loans. It supports both principal & interest and interest-only repayment types, giving you full control over your financial planning.
How the CBA Repayment Calculator Works
The calculator requires these inputs:
- Loan Amount – The total principal you wish to borrow.
- Interest Rate (% per year) – Annual interest applied to your loan.
- Loan Term (Years) – Number of years to repay the loan.
- Repayment Type – Principal & Interest or Interest Only.
- Payment Frequency – Weekly, fortnightly, or monthly.
- Upfront Fees – One-time fees charged at the start of the loan.
- Ongoing Fees (per month) – Recurring monthly fees.
The calculator outputs:
- Repayment Amount – How much to pay each period including fees.
- Principal & Interest Breakdown – Shows your principal and interest per repayment.
- Total Repayments – Total amount paid over the loan term.
- Total Interest – Interest paid over the life of the loan.
- Total Fees – Sum of upfront and ongoing fees.
- Total Cost of Loan – Complete cost including principal, interest, and fees.
How to Use the Calculator
Step-by-Step Guide
- Enter Loan Amount – Input the total principal you plan to borrow.
- Set Interest Rate – Enter your loan’s annual interest rate.
- Select Loan Term – Choose the number of years to repay your loan.
- Choose Repayment Type – Principal & Interest or Interest Only.
- Select Payment Frequency – Weekly, fortnightly, or monthly.
- Add Fees – Include upfront and ongoing monthly fees.
- Click Calculate – View detailed repayment, interest, fees, and total loan cost.
Example Calculation
Scenario:
- Loan Amount: $300,000
- Interest Rate: 6.5% per year
- Loan Term: 30 years
- Repayment Type: Principal & Interest
- Payment Frequency: Monthly
- Upfront Fees: $1,000
- Ongoing Fees: $50 per month
Results:
- Repayment Amount: $2,021.59 per month
- Principal Repayment: $1,104.96
- Interest Repayment: $916.63
- Ongoing Fees: $50
- Total Repayments: $727,772
- Total Interest Paid: $427,772
- Total Fees: $19,000
- Total Cost of Loan: $746,772
This example demonstrates how including fees can affect your total repayment, and how the calculator breaks down each component for clearer financial planning.
Benefits of Using the CBA Repayment Calculator
- Detailed Breakdown – Principal, interest, fees, and total cost.
- Supports All Repayment Types – Principal & Interest and Interest Only.
- Flexible Payment Frequencies – Weekly, fortnightly, or monthly.
- Easy Fee Tracking – Factor in upfront and ongoing costs.
- Better Budget Planning – Helps avoid surprises by showing full loan cost.
Frequently Asked Questions (FAQs)
1. What is the CBA Repayment Calculator?
It’s a tool to calculate repayments, interest, fees, and total loan cost for accurate financial planning.
2. Can I include fees in the calculation?
Yes, both upfront fees and ongoing monthly fees are supported.
3. What types of repayments can I calculate?
Principal & Interest or Interest Only.
4. Can I choose different payment frequencies?
Yes, weekly, fortnightly, or monthly.
5. How accurate are the results?
Results are based on standard loan formulas. They provide estimates but may vary depending on lender conditions.
6. Can I calculate zero-interest loans?
Yes, the calculator supports 0% interest.
7. How do fees affect my loan?
Upfront and ongoing fees increase the total cost of your loan and should be included for realistic budgeting.
8. Can I reset the calculator?
Yes, click the Reset button to start a new calculation.
9. Can this calculator help me compare loans?
Yes, by inputting different rates, fees, and terms, you can compare loan options.
10. Is it free to use?
Yes, completely free with no registration required.
11. Does it help plan early repayments?
While it doesn’t specifically calculate extra repayments, it gives a full view of costs, helping plan for prepayments manually.
12. Can I use it for home loans?
Yes, it’s ideal for home loans, but works for personal, car, or business loans too.
13. Can I adjust ongoing fees for weekly or fortnightly payments?
Yes, the calculator converts monthly fees proportionally to your selected payment frequency.
14. How is total loan cost calculated?
It sums up principal, interest, upfront fees, and ongoing fees.
15. Will this help me avoid overpaying?
Yes, by showing the full breakdown, you can make informed repayment decisions.
Conclusion
The CBA Repayment Calculator is a powerful tool for borrowers who want transparent and accurate loan repayment information. By calculating principal, interest, fees, and total cost, it helps you budget effectively and make smart financial decisions.