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So ever wondered just how much the the interest you are paying on a loan amounts to compared to the total value of the loan? Or what your monthly repayment on a loan would be over a specified period of time? Well we have the answer for you with our loan repayment calculator. It calculates your monthly installment based on the amount you want to borrow, the term the loan is paid over as well as the interest rate offered by the relevant bank or financial institution.
Loan repayment calculator: This calculator provides an estimate of the monthly repayment on a loan based on the information supplied. The calculator excludes any monthly admin fee banks charge on loans. Note this calculator is the intellectual property of South African Market Insights. Also note that this calculator provides a guide as to monthly repayments. This should still be confirmed with one's bank.
Remember that paying interest is like a ship sailing with its anker still in the water. One goes nowhere slowly, as the bulk of the repayments, especially at the start of the loan goes towards paying off interest instead of the actual loan amount. We would advise saving a few months more to put down a bigger deposit as this will save a lot of money in terms of interest paid over the course of the loan