Principal and Interest

This handy calculator helps you work out how much of your repayment goes towards principal and how much is interest.

It’s important to understand how each of your home loan repayments will start to reduce the balance of your home loan.

With the interest on your loan being calculated daily, every payment counts. The more you can reduce both the principal and the interest the better off you will be in the long run.

Find out how much of your repayment goes towards reducing the principal and how much interest payable on your home loan.

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Important information

Calculations are estimates provided as a guide only based on information you provided. They assume interest rates do not change throughout the loan. This calculator is not intended to be your sole source of information when making a financial decision. You may wish to consider getting advice from a licensed finance professional. Fees and charges are payable. The calculations do not take into account fees, charges or other amounts that may be charged to your loan (such as establishment or monthly service fees or stamp duty). If you are borrowing more than 80% of the value of the property, Lenders Mortgage Insurance may apply. Any of these additional amounts will increase repayments under the loan. Calculations are not a loan approval. Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Conditions apply to all loan options. Full terms and conditions will be set out in our loan offer, if an offer is made.

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What does the calculator show me?

The principal and interest calculator serves two purposes.

It shows how much of each repayment is allocated towards the principal and interest components of your loan, how much principal and interest you’ve paid to that point, and your remaining principal balance.

Who should use this calculator?

The Principal and Interest calculator provides useful information for those preparing to take out a home loan. It helps develop an understanding of how a home loan works, how repayments will be allocated and the benefits of paying additional amounts off your loan.

What's the difference between a principal & interest and an interest-only home loan?

Principal & interest means you are repaying both the original amount borrowed (principal) and the interest charged. Interest-only means that you are only repaying the interest (in the short term).

What is Virgin Money Rewards?

Virgin Money Rewards is our loyalty program designed with you in mind. Our goal is to recognise and reward you for who you are, and to help you create better money habits. It’s about giving you a rewarding banking experience every day, not just someday.