Remaining Balance Calculator
Calculate the outstanding balance on your home loan at any point in its term.
Remaining Balance Calculator
How to Use This Calculator
This calculator helps you determine the remaining balance on your loan after a certain period or after making specific repayments.
Enter your original loan amount, interest rate, loan term, and how many payments you've already made to see your current outstanding balance.
Understanding your remaining balance is crucial for financial planning, especially if you're considering refinancing or making extra repayments.
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Frequently Asked Questions
Why is it important to know my remaining balance?
Knowing your remaining balance helps you track your progress towards paying off your loan, assess your equity, and make informed decisions about refinancing, selling, or making extra repayments.
How does interest affect my remaining balance?
Interest is calculated on your outstanding balance. The higher your remaining balance, the more interest you'll pay. Reducing your principal balance through extra repayments can significantly lower the total interest paid over time.
Can I get a statement of my remaining balance from my lender?
Yes, your lender is required to provide you with regular statements that include your remaining loan balance. You can also typically access this information through your online banking portal.
What if my remaining balance is higher than expected?
If your remaining balance is higher than you anticipated, it could be due to various factors, such as interest-only periods, additional drawdowns, or higher interest rates. We can help you review your loan and understand the reasons.