Calculator
Mortgage repayment calculator.
Estimate your repayments and total interest. Rates vary by lender and product, so treat the result as a guide.
Mortgage CalculatorFor illustration only. Actual interest rates vary by lender and product. RBA publishes average lending rates monthly (~25 business days after month-end). Calculator assumes principal & interest amortising repayments.
How it works
How your repayments are worked out.
Your repayment is driven by four things: how much you borrow, the interest rate, the loan term and how often you pay. A bigger loan or higher rate lifts the repayment, while a longer term lowers each repayment but means you pay more interest overall.
Most home loans are principal and interest, so every repayment covers that period’s interest plus a slice of the balance. Early on, most of each repayment is interest. As the balance falls, more of it goes towards the loan itself.
Repayment types
Principal and interest or interest only?
Principal and interest repayments pay the loan down over the term. They cost more each month than interest only, but you build equity and pay far less interest over the life of the loan. Lenders usually offer their sharpest rates on these loans.
Interest only repayments cover the interest alone for a set period, often up to five years. They can help investors with cash flow, but the balance does not reduce and repayments jump when the interest only period ends.
Save on your loan
Ways to bring your repayments down.
Check your rate
If you have not reviewed your loan in a couple of years, you may be paying more than new customers. A quick comparison shows whether refinancing makes sense.
Refinancing optionsPay a little extra
Small extra repayments or switching to fortnightly payments can take years off your loan and save thousands in interest.
Read the guideBorrow the right amount
Know your limit before you buy so your repayments sit comfortably within your budget, not at the edge of it.
Check my borrowing powerQuestions
Repayment questions, answered.
How accurate is this calculator?
It gives a reliable estimate of repayments for the loan amount, rate and term you enter. Your actual repayments depend on the lender, the product, fees and the exact rate you are approved for, so treat it as a guide and ask us for a figure based on real lender pricing.
Are fortnightly repayments cheaper than monthly?
Paying half your monthly repayment every fortnight means you make 26 half payments a year, which adds up to one extra monthly repayment each year. That extra money goes off your loan balance, so you pay less interest and can finish the loan sooner.
What interest rate should I use?
Use the rate you have been offered, or your current rate if you are checking an existing loan. To stress-test your budget, try a rate one to two percentage points higher. Lenders do something similar when they assess your application.
What is the difference between an interest rate and a comparison rate?
The interest rate is what you are charged on the balance. The comparison rate rolls in most upfront and ongoing fees, based on a standard loan amount and term, so it is a better way to compare the true cost of two loans.
Want an exact figure?
Calculators give a guide only. Every lender assesses differently. Book a free loan review and we will compare 50+ lenders for your real numbers.