Mortgage repayment calculator

This calculator examines your requested loan amount, in combination with your interest rate and the length of your loan, to show you a calculation of what your monthly, weekly, and fortnightly payments could be.


Loan term: 30 years, Repayment frequency: Monthly


Mortgage repayment calculator: Find your best strategy for fast home loan repayment

Once a buyer is approved for a home loan, the property deposit has been handed over and the stamp duty paid, their mailboxes will become populated with mortgage repayment statements.

As these will ultimately stipulate what the life of your loan will look like over the next few years, it’s always a good idea to become familiar with the amount your repayments will entail well in advance.

Forward planning will not only allow you to plan for repayments as comfortably as possible in your financial expenses and income, but it will also help you understand what type of home loan suits you, and how you would prefer to structure your repayment terms.

Your Mortgage’s mortgage repayment calculator gives you an estimate of what your monthly, weekly, and fortnightly repayments could look like, which will assist you in deciding what loan type is best suited to you. This includes choosing the total length of the loan and what cycle your repayments will be organised – whether you select for them to be monthly or fortnightly.

By changing the interest rate, loan term, and frequency of payment fields, you can predict the differences these adjustments will have on your loan. This will help you in your search for the right home loan type, and most importantly, provide insight on the total interest that you should expect to pay on your loan. Because who wants to be paying more?

Not sure which loan is ideal for your situation? Get help here

Why should I adopt a loan strategy?

Even small changes to your repayment strategy can save you thousands of dollars in the long run. A saving of just 0.25% on your home loan will make a giant dent in the total interest paid over 30 years, or switching to bi-weekly or fortnightly payments can decrease the amount of time it will take to pay off your loan.

Small adjustments can lead to major changes, so testing different options in the mortgage repayment calculator is worth the effort.

And while it’s still best to speak to a professional, which you can do for free here, this calculator is an ideal starting point.

But, how does the calculator work? And how can it help your specific situation? You can find this all out below.

How does the mortgage repayment calculator work?

This calculator takes into account a variety of factors to determine what your total repayments will be over the total loan term. While there are many factors that can influence this calculation (changes in interest rates, a decision to refinance, using a redraw facility, etc.) a guideline can help you in planning your financial future.

Let’s take a look at a typical example and see how small changes can lead to major fluctuations.

We’ll start with a loan amount of $500,000, and an annual interest rate of 4.5%.

According to these pre-sets, your monthly repayments will be $2,533.43. With a loan term of 30 years, your total loan repayments will work out to be $912,033.56.

That means you’re paying a massive $412,033.56 in total interest!

Now, let’s change the frequency of repayments and see how this affects the total interest to be paid on the loan.

If you switch to fortnightly payments, the total interest paid lowers down to $411,599.13.

That is a savings of $434.43 on your total interest – not a substantial amount over 30 years, but let’s keep going.

Still keeping the loan amount at $500,000, let’s now make the payments weekly, the interest rate at 4.25%, and the loan term at 25 years.

Based on these pre-sets, your weekly repayment will be $624.61, or $2,706.64 per month.

This is an additional payment of around $173 per month, however, the savings are huge.

Your total loan repayment becomes $811,987.00

And your total interest paid drops to $311,987!

That is a savings of $100,046.56 – an incredibly large savings based on several, seemingly small, adjustments.

In having laid out these results as examples, playing with the calculator can show you the substantial changes you can gain by shopping around, finding a better, more competitive rate, and adjusting your loan repayment strategy.

This is a great first step in determining how much you can actually afford when it comes to home loan repayments. But, that’s not to forget that there are still some key questions you need to ask yourself, and conduct independent research on, in order to make an informed, final decision.

How much can I borrow?

The first place to start is to find out how much borrowing power you actually have. Basing your calculations off a $500,000 loan won’t help much if you are unable to secure the appropriate financing for it.

Go to the how much can I borrow? calculator to get an estimate of your borrowing power.

And keep in mind that a mortgage broker will be able to offer you significant help in this area, so consider speaking with one here.

Should I get a fixed rate home loan, a variable rate home loan, or a mix of both?

Understanding when you should get a split loan can be incredibly helpful in avoiding surprises later on, and finding the perfect home loan type that suits your financial needs and plans.

The split loan calculator can give you an estimate for the different repayment amounts and the interest payable over the loan term.

Once you have some loan options in mind, this is a great next step to see if these options will fit your financial future.

How much stamp duty will I have to pay?

One cost that can surprise many on the path to home ownership is the stamp duty fee, especially as the costs do vary between each state and territory, and depend on other factors; such as the value of the property and whether it will be your primary place of residence.

Make sure you’re prepared with our stamp duty calculator.

What if I make extra repayments?

This could be a great strategy if you plan on increasing your income, welcoming a positive change to your financial situation, or you’re just curious about how much of a difference extra repayments can actually make.

Extra repayments can save you time and money if they are regularly scheduled and included in your overall repayment plan.

Our extra payment calculator can help you understand the benefits of this option.

Where can I afford to buy?

Another key issue is the area where you want to own a home. You may have your dream location, but that location is out of your current financial means.

After you’ve done the research above, take a look at the where can I afford to buy? calculator to figure out which area meets your current financial situation.

A mortgage repayment calculator, or a home loan repayment calculator, is a great start in your journey to home ownership. By determining your options, and trying out different rates, loan terms and payment options, you can gain a better understanding of which options suit to your financial situation.

You might find that increasing your repayments and shortening your loan term will reap huge benefits in the future – even if it means tightening the purse will sting a little.

The best option to gaining some direction will always be a mortgage broker. Their free advice is the best calculator available. So why not speak to one now?

It’s as simple as filling out a quick form and taking a phone call.

Sign up here for expert advice on finding a home loan that secures your financial future.

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