From our calculator's Instructions and Tips

Is the Minimum Monthly Repayment the same as the Equated Monthly Instalment (EMI)?

Depending on the conditions you agreed with your bank, you may be able to pay more than the required Minimum Monthly Repayment. In this case you are on a variable payment plan. If your agreement does not allow you to pay more than the Minimum Monthly Repayment, then it’s called Equated Monthly Instalment.


Is a Home Loan the same as Mortgage?

Although the these terms seem to be used interchangeably by many, a home loan is a loan taken to buy or construct a new home – i.e. the property is not yet owned by the loan applicant. A mortgage loan, also known as a loan against property, is a loan secured by a property that the loan applicant may already own.

You can use our calculator also to calculate the amortization plan of a loan against the property. Just set the property value to the loan value and the deposit equal to zero. This way the loan amount will be your loan against the property. You can Download the amortization schedule in csv format and open it in Excel.


Offset Account - What is it and how do I include it in my amortization plan?

Sometimes banks offer to open an Offset Account, which is linked to the home loan account, as a tool to save money on interests. Let’s see how it works.

With a standard home loan, you are paying interest on the total amount still owing. With an offset account, interest is calculated on the difference between the home loan balance minus the amount in your linked offset account. This is equivalent to making extra repayments that you are able to withdraw back at your convenience.

An offset account deposit can be modelled in our calculator as lump sum repayment. Withdraws from the offset account can be modelled as negative lump sum repayments.


Private mortgage insurance (PMI) - How do I include it in my calculation?

Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance. Insurance costs can be included in Initial Costs or Monthly Costs.