Mortgage repayment calculator

Home loan repayments are often the biggest drain on a homeowner’s monthly budget. For that reason, it’s imperative for would-be borrowers to calculate the size of their regular repayments before agreeing to take out a mortgage.

Whether you’re considering entering the market or starting a refinancing journey, our free Mortgage Repayments Calculator puts you in the driver’s seat.

Compare how different interest rates, loan terms, and repayment frequencies can impact the cost of your loan.

Loan details
$
 years
 %
Add extra payment
$
$
 year
Your estimated results
Your estimate repayment
$3,012.02 monthly
Total principal paid
$450,000.00
Total interest paid
$634,325.82
You could be paying less!
Variable Home Loan (LVR < 90%)
Estimated repayment $3,012.02 $2,715.36
Comparison rate 7.06% 6.06%*
Total interest paid $634,326 $527,530
More details

Promoted

Summary
$450,000.00
30 years
7.06 %
Principal & Interest
Monthly
$0.00
$450,000.00
$634,325.82
$3,012.02
monthly

Why should I use a mortgage repayment calculator?

Anyone considering taking out a new home loan or refinancing their existing one should take the time to calculate their potential mortgage repayments. Your Mortgage has just the tool to do so.

Our Mortgage Repayment Calculator can help you understand what your monthly, fortnightly, or weekly repayments could look like under various circumstances. It can also provide insight into the total cost of the loan over its full term.

Here's what such valuable information could mean for you:

First Home Buyers

It's easy for first home buyers to be overwhelmed with choices. The homebuying journey can involve visiting countless properties and speaking with dozens of professionals about your options. It can also come with the temptation to borrow more than originally planned in order to secure a more appealing property.

When assessing your home buying options, it's important to factor in the long-term impact that ongoing mortgage repayments can have on your bottom line.

Refinancers

Refinancing isn't always an easy decision. There are hundreds of mortgage products available, and the impact refinancing could have on your budget varies depending on the home loan you choose.

But don't let the seemingly endless array of choices distract you from the overall impact a particular mortgage can have on your budget.

Investors

As wise investors know, the difference between a good investment and a not-so-good one can come down to the finest details.

The investment home loan you use to buy a property can make or break your success.

When considering investment options, it's worthwhile calculating potential repayments and assessing how they might change over time.

Some of Australia's most competitive home loans

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market.

Lender

Variable
More details
Online ExclusiveUp to $4k cashback
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
Online ExclusiveUp to $4k cashback

Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
Variable
More details

Discounted Basic Variable Home Loan ($250k+)

    Variable
    More details
    • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.

    Variable Rate Home Loan LVR < 80%

    • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
    Variable
    More details

    Basic Home Loan (Principal and Interest) (LVR < 60%)

      Variable
      More details

      Basic Home Loan (New Customer) (LVR < 60%)

        Variable
        More details

        Basic Variable Home Loan (Principal and Interest) (New Customer) (LVR < 70%)

          Important Information and Comparison Rate Warning

          Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of June 22, 2024.

          How does the mortgage repayment calculator work?

          Your Mortgage's mortgage calculator considers several factors to determine how much your regular repayments will be over the term of a particular home loan.

          It can also give you an estimate of how much interest could be paid over the life of the loan and the impact that extra or lump sum repayments could have on your long-term financial position.

          Simply enter the amount you wish to borrow to buy a home, the interest rate on the table from your favourite lender, and your ideal loan term, as well as whether you wish to make principal and interest or interest only repayments, and you're on your way to knowing the value of your regular repayments.

          You can even adjust the calculator to advise you on how the frequency of your repayments could impact them.

          Though, the calculator has its limitations. Here are a few things it can't factor in:

          • Interest rate changes

          • The later decision to refinance

          • The use of redraw facilities or offset accounts

          • Changes in repayment types (from principal and interest to interest only, for instance)

          How can I save money on my home loan repayments?

          No one wants to spend more money on mortgage repayments than they need to.

          Fortunately, there are plenty of ways you can save on your mortgage.

          Find a lower interest rate

          Getting the lowest possible interest rate is one of the easiest ways to save on your home loan.

          If it's been a while since you've compared your interest rate against others in the market, you could be paying too much.

          Here's how a lower interest rate can impact your repayments and overall interest bill, considering a $500,000 owner-occupier home loan with a 30-year term and principal and interest repayments.

          Interest Rate Monthly Repayments Total Interest Paid
          7% $3,327 $697,544
          6.5% $3,160 $637,722
          6% $2,998 $579,191

          Make extra repayments

          An easy way to pay your loan off faster is by making extra repayments.

          If you pay more than the minimum every week, fortnight, or month, you Use our extra and lump sum repayment calculator to see how making extra repayments can reduce your loan amount.

          The other way to make extra repayments into your loan is by using an offset account. An offset account is an everyday banking account that's linked to your home loan, where you can deposit your savings and your regular wages. Any money that's in your offset account is then 'offset' against your home loan balance, reducing the amount of interest you have to pay over the life of the loan.

          Make more frequent repayments

          Making more frequent repayments can also help you get ahead on your loan.

          For example, there are 12 months in a year but 26 fortnights. If you make fortnightly repayments instead of monthly ones, you're making one extra month of repayments per year which puts you slightly ahead.

          Not to mention, the interest charged on a home loan is often calculated daily based on the outstanding principal balance. Therefore, making more frequent repayments, such as weekly instead of monthly, can reduce the principal balance more often, resulting in paying less interest over time. However, not all banks calculate interest the same way, so making weekly repayments instead of monthly repayments may not actually save you any interest.

          Save a bigger deposit

          Putting down a bigger deposit can help to shrink your home loan repayments by reducing the amount you borrow. It can also improve your loan-to-value ratio (LVR), which could see you eligible for better home loan deals. However, simply bolstering their deposit isn't an option for many homebuyers.

          Frequently Asked Questions

          The easiest way to calculate your potential mortgage repayments is to use a Mortgage Repayment Calculator like the one above.

          Most borrowers can expect their mortgage repayments to flex and shift over time. Our calculations are only accurate if every detail of your home loan remains unchanged for the duration of the loan term, which rarely happens. Chances are that your interest rate will fluctuate over the life of your loan, impacting your repayments. Additionally, extra or missed repayments, as well as the use of certain features such as offset accounts, can affect how much interest you pay overall.

          Home loan repayments are made up of two parts: the principal (the borrowed funds being repaid) and interest charged on the principal. When you make principal and interest repayments, you’re both returning a portion of the borrowed funds and paying the interest accrued on those funds.

          If you’re making interest-only repayments, you won’t be reducing the debt you hold. Instead, you’ll simply be paying the interest charged by your lender. Most lenders limit how long a person can be on interest-only repayments; otherwise, they might never see the lent money returned.

          Over the life of your loan, your interest rate will likely fluctuate.

          Factors driving it might include the cash rate, determined by the Reserve Bank of Australia (RBA), and your lender's discretion.

          If your interest rate increases, so will your home loan repayments. Conversely, if your rate is cut, you’ll pay less. However, the portion of your repayments that goes towards your principal balance will remain unchanged.

          Borrowers worried about changing interest rates might be tempted to fix their interest rate for a certain period, typically between one and five years.

          If you've used the mortgage repayment calculator above, you might be wondering what an amortisation schedule is.

          An amortisation schedule is a detailed table that shows the breakdown of mortgage repayments over the loan term.

          It outlines how much of each repayment goes towards paying down the principal (the amount borrowed) and how much goes towards paying interest. The schedule helps borrowers understand how their loan balance decreases over time and how much interest they will pay throughout the life of the loan. This can be a useful tool for planning and managing your finances effectively.

          Your mortgage repayment guides

          Read these articles below for some insights on repaying your current mortgage.