This tool is used to determine the scheduled (e.g. monthly) payment of a mortgage by calculating how much of the payment made will go toward the principal and how much will go toward the interest, including the remaining balance and cumulative interest paid.
To begin, enter the following inputs:
Loan amount : Enter the mortgage/loan amount
Annual interest rate : Enter the interest rate for the mortgage/home loan. Refer to this link for mortgage/home loan interest rate
Loan period in years : Enter the loan tenure
No. of payments per year : Specify the no. of payments per year, For example, 12 payments per year (e.g. 1 payment per month)
Start date of loan : Enter the date when the loan is effective
Optional extra payments : Enter extra payments make to the loan. This is optional.
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