Estimate your monthly repayment

An equated monthly instalment is the fixed amount you pay each month until the loan is repaid. Each instalment covers both interest and a portion of the principal. Early on most of it is interest; later most of it is principal.

A longer tenure spreads the principal over more instalments, which lowers each one. But interest accrues on the outstanding balance for longer, so the total interest paid over the life of the loan rises — often substantially.

No. The rate in the calculator is an editable example so you can model different scenarios. It is not offered by Finstep or by any lender. Your actual rate is set by the lender based on your profile and their current pricing.

This tool uses a standard monthly reducing-balance calculation. A lender's repayment schedule can differ slightly because of its interest-accrual method, disbursement date, broken-period interest, rate resets, financed charges or rounding rules. Use this as a planning estimate and rely on the lender's sanction and repayment schedule for the final figures.

No. This is arithmetic on the figures you type in. It does not assess your income, credit history or the property, and it is not an eligibility check, a pre-approval or a sanction.

No. The calculation runs entirely in your browser. Nothing you enter is sent to us or stored unless you separately choose to submit an enquiry.