Finance Workshop Help
Learn how to use the Loan, Mortgage, Compound Interest and Savings Goal calculators.
Quick Start
Choose a Calculator
Select Loan, Mortgage, Compound Interest or Savings Goal.
Enter Your Figures
Enter the amounts, rates, time periods and other information required.
Select Calculate
The Finance Workshop will calculate your estimated results.
Review the Breakdown
Use the summary results and year-by-year table to better understand the calculation.
Finance Calculators
Loan Calculator
The Loan Calculator estimates repayments for a fixed loan using the loan amount, annual interest rate, loan term and repayment frequency.
Enter
- Loan Amount
- Annual Interest Rate
- Loan Term
- Repayment Frequency
Repayment Frequencies
- Monthly
- Fortnightly
- Weekly
Results
- Estimated regular repayment
- Total interest
- Total amount repaid
- Number of repayments
A $30,000 loan over 5 years at 7.5% will produce an estimated regular repayment based on the repayment frequency you select.
The year-by-year table also shows the estimated opening balance, principal paid, interest paid and closing balance for each year.
Mortgage Calculator
The Mortgage Calculator estimates home-loan repayments and can also show the potential effect of making extra repayments.
Enter
- Property Price
- Deposit
- Annual Interest Rate
- Loan Term
- Repayment Frequency
- Extra Repayment, if applicable
Results
- Estimated loan amount
- Minimum repayment
- Repayment including extra payments
- Estimated payoff time
- Total interest
- Estimated interest saved
The year-by-year table uses the repayment amount including any extra repayment you entered.
Compound Interest Calculator
The Compound Interest Calculator estimates how savings or investments may grow when returns are added to the existing balance over time.
Enter
- Starting Amount
- Annual Return
- Number of Years
- Compounding Frequency
- Regular Contribution
- Contribution Frequency
Compounding Frequencies
- Annually
- Monthly
- Fortnightly
- Weekly
- Daily
Results
- Estimated future value
- Total contributions
- Estimated investment growth
- Total return
If you start with $10,000, contribute $250 each month and receive an average annual return over 10 years, the calculator estimates the future value of the account.
The yearly table shows how much was contributed and how much estimated growth occurred each year.
Savings Goal Calculator
The Savings Goal Calculator estimates how much you may need to save regularly to reach a chosen financial target.
Enter
- Savings Goal
- Current Savings
- Annual Return
- Time to Goal
- Saving Frequency
Saving Frequencies
- Monthly
- Fortnightly
- Weekly
Results
- Required regular saving
- Projected value of your current savings
- Remaining amount required
- Total new contributions
If your goal is $50,000, you already have $5,000 and want to reach the target in 5 years, the calculator estimates how much you need to save regularly.
Understanding Loan Repayments
Loan repayments are generally made up of two components:
Principal
The principal is the amount of the repayment that reduces the outstanding loan balance.
Interest
Interest is the amount charged for borrowing the money and is calculated using the interest rate and outstanding balance.
Earlier repayments on many loans contain a greater proportion of interest. As the loan balance reduces, more of each repayment generally goes toward principal.
Extra Mortgage Repayments
Making repayments above the minimum required amount may reduce the outstanding loan balance faster.
This may result in:
- A shorter estimated loan term
- Less total interest over the life of the loan
- A faster reduction in the outstanding balance
Understanding Compound Interest
Compound interest means that returns may be earned not only on the original amount, but also on returns that were previously added to the balance.
The actual growth of an investment can vary significantly. Investment returns are rarely constant from year to year.
Frequently Asked Questions
Are the results exact?
No. Finance Workshop calculations are estimates based on the figures you enter. Actual lender, bank or investment calculations may differ.
Does the Mortgage Calculator include fees?
No. Unless specifically stated, the calculator does not include application fees, lender fees, government charges, mortgage insurance, legal costs, stamp duty or other transaction costs.
Does the Mortgage Calculator include offset accounts?
No. The current calculator does not calculate the effect of an offset account, redraw facility or other specialised loan feature.
What interest rate should I use?
Use the annual interest rate that applies to the loan or scenario you are testing. For mortgages and loans, you can usually find this on the lender's website, loan documentation or account statement.
What rate should I use for compound interest?
Use an annual return that is appropriate for the type of savings or investment you are modelling. Remember that future investment returns cannot be guaranteed.
Why might my lender show a different repayment?
Lenders may use different daily-interest calculations, rounding methods, repayment schedules, fees and loan conditions.
Can I use the calculator on a mobile phone?
Yes. Finance Workshop is designed to work on desktop computers, laptops, tablets and mobile phones.
Do I need an account?
No. You do not currently need to register or sign in to use Finance Workshop.
Is Finance Workshop financial advice?
No. Finance Workshop is a general-purpose calculation tool and does not provide financial, investment, lending, accounting or taxation advice.
Important Financial Information
Interest rates, investment returns, loan conditions and financial circumstances can change over time.
Actual loan and investment outcomes may be affected by fees, taxes, interest calculation methods, changing rates, lender rules, market performance and other factors not included in these calculators.
For important financial decisions, independently verify calculations and consider obtaining appropriate advice from a lender, accountant, licensed financial adviser or other suitably qualified professional.
Need More Help?
If you find a problem with Finance Workshop or would like to suggest another finance calculator, please contact us.
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