Since I'm looking for an IP I thought it would be a good idea to see how much we would have to pay to the bank, so I used some loan repayment calculators. I also decided to check our current loan to see how accurate the calculators actually are. The figures I use here are the fixed portion of our loan:
Loan amount: $73,762.38
Interest rate: 6.89%
Loan term: 25 years
Here are the results from yourmortgage.com.au calculator:
Monthly: $516.17 Total Interest: $81,229.63
Weekly: $118.61 Total Interest: $81,145.57
Fortnightly: $237.27 Total Interest: $81,183.71
Half monthly
paid fortnightly: $258.09 Total Interest: $63,898.66
National bank calculator:
Loan Repayments
Input Values
Loan Amount 73762.38
Interest Rate 6.8900
Loan Term 25 years
Repayment Frequency Monthly
My loan repayments will be: $516.96
And here's what we actually pay: 539.50
First of all, why is there difference in calculator's results? and why is there a difference of about $23 between what calculators tell me and the actual repayment?
For the variable part of our loan the difference is couple of hundred dollars!
If you had similar experiences or know something about this I would appreciate your feedback.
Thanks in advance.
Loan amount: $73,762.38
Interest rate: 6.89%
Loan term: 25 years
Here are the results from yourmortgage.com.au calculator:
Monthly: $516.17 Total Interest: $81,229.63
Weekly: $118.61 Total Interest: $81,145.57
Fortnightly: $237.27 Total Interest: $81,183.71
Half monthly
paid fortnightly: $258.09 Total Interest: $63,898.66
National bank calculator:
Loan Repayments
Input Values
Loan Amount 73762.38
Interest Rate 6.8900
Loan Term 25 years
Repayment Frequency Monthly
My loan repayments will be: $516.96
And here's what we actually pay: 539.50
First of all, why is there difference in calculator's results? and why is there a difference of about $23 between what calculators tell me and the actual repayment?
For the variable part of our loan the difference is couple of hundred dollars!
If you had similar experiences or know something about this I would appreciate your feedback.
Thanks in advance.