Mortgage Repayment Calculator
Enter your loan amount, interest rate and term to estimate your repayment. Adjust the frequency to see weekly, fortnightly or monthly figures. This is an estimate only — your actual repayment depends on the lender, the loan structure and any fees.
Is that number right for your situation?
A calculator applies one formula. Lenders apply their own, and they disagree with each other. Send us what you worked out and we will tell you how it looks against real lender policy.
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How this is calculated
The calculator uses the standard amortisation formula for a principal-and-interest loan. It takes your loan amount, divides the annual interest rate by the number of repayment periods in a year, and works out the fixed repayment that would pay the loan off exactly over the term you've entered.
Weekly and fortnly figures are calculated as true weekly and fortnightly periods (52 and 26 per year respectively), not as monthly divided by four. That matters: paying fortnightly means you make 26 payments a year rather than 24, which is why fortnightly repayments can pay a loan off slightly faster than monthly at the same dollar-per-fortnight amount.
The total interest and total repaid figures assume the interest rate stays the same for the entire term and that you make every repayment on time. In reality, most loans are variable and rates move — so treat the totals as a long-run estimate, not a quote.
What this doesn't include
A simple calculator can't capture everything that goes into a real loan. Here's what this tool leaves out, so you can read the numbers in context:
- Fees. Application, monthly, package and valuation fees aren't included. Some loans bundle these into an annual package fee; others charge them separately. They add to the true cost of the loan.
- Lenders Mortgage Insurance (LMI). If you borrow above 80% LVR, LMI usually applies. It can be paid upfront or capitalised (added to the loan), which would increase your loan amount and your repayment. This calculator doesn't account for it.
- Rate changes. Variable rates move. A fixed-rate period would hold the rate steady for a time, then revert. This calculator holds the rate constant for the whole term, which won't reflect reality for most borrowers.
- Offset accounts and extra repayments. Many loans let you offset savings against the balance or make extra repayments, both of which reduce interest and shorten the term. This calculator assumes a plain amortising loan with no extra contributions.
- Interest-only periods. If part of your loan is interest-only, the repayment during that period is lower but the principal isn't reducing. This calculator assumes principal-and-interest for the full term.
About comparison rates: if a lender advertises an interest rate, Australian law requires them to show a comparison rate beside it — a single figure that bundles in most fees so you can compare loans on a like-for-like basis. This calculator uses the rate you enter, not a lender's advertised rate, so no comparison rate is shown here. When we send you actual loan options, every rate will come with its comparison rate alongside it.
Common questions
Not exactly. It's an estimate based on the rate and term you enter, with no fees, LMI or rate changes included. Your actual repayment will depend on the lender, the loan structure and any fees. We'll give you the exact figures for any loan we recommend.
There are 26 fortnights in a year but only 24 half-months. So if you pay fortnightly at half the monthly amount, you're effectively making one extra monthly repayment a year — which reduces total interest and pays the loan off sooner. This calculator shows true fortnightly repayments (26 per year), not monthly divided by two.
Enter the rate you currently have, or a rate you're considering. It's not an offer of a rate from us. If you're not sure, we can tell you what rates are currently available across our panel of 60+ lenders for your situation — with the comparison rate shown beside each one.
The maths is the same for any principal-and-interest loan. Investment loans sometimes use interest-only structures or different rate tiers, which this calculator doesn't model. Talk to us about structuring an investment loan properly — the structure matters as much as the rate.
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