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With Finder's loan repayment calculator you can quickly calculate your monthly or fortnightly mortgage repayments. All you need to do is enter the following details:
Just put some details into the calculator below and you will get an estimate of your home loan repayments.
After entering your details a mortgage broker from Aussie will call you. They will discuss your situation and help you find a suitable loan.
The Adviser’s number 1 placed mortgage broker 8 years running (2013-2020)
Here's a simple example of what the calculator can tell you and what it means.
Calculator input | Details |
---|---|
Loan term | 30 years |
Loan amount | $600,000 |
Interest rate | 2.60% |
Payment frequency | Monthly |
Repayment type | P&I (principal and interest) |
Repayment | $2,402 |
Total loan cost | $864,733.78 |
Total interest payable | $264,733.78 |
The repayment calculation comes with three parts:
Banks calculate your home loan repayment using a formula that takes into account the principal, or original amount you borrowed, your monthly interest rate and the number of payments over the life of the loan.
The formula is a bit complicated but generally looks like this:
If that makes your head hurt, we'll break it down further for you.
Confused? It's nothing a good scientific calculator can't sort out. Or, you can simply use our home loan repayment calculator above to save yourself a lot of guesswork and head-scratching.
Every field of the calculator affects your repayments. Obviously the loan amount and interest rate have the biggest impact, but so do all the other fields. Here's how it works:
Everyone wants to pay less on their mortgage.You can do this by paying the loan off faster or by finding other ways to lower your loan costs. Here are some steps you can take:
Finding the lowest possible interest rate for the type of home loan you need is a great way to save cash. Even just a small difference in a home loan's interest rate can add up over the long life of a home loan.
Here's the example home loan from earlier in this article, with an interest rate of 2.60%, but now compared to a lower rate of 2.29%. Everything else about the loan remains the same. But the difference in the loan repayment calculation is significant.
Calculator input | Loan 1 | Loan 2 |
---|---|---|
Loan term | 30 years | 30 years |
Loan amount | $600,000 | $600,000 |
Interest rate | 2.60% | 2.29% |
Payment frequency | Monthly | Monthly |
Repayment type | P&I (principal and interest) | P&I (principal and interest) |
Repayment | $2,402 | $2,305 |
Total loan cost | $864,733 | $830,065 |
Total interest payable | $264,733 | $230,065 |
Over 30 years, with a lower interest rate of 2.29% we can calculate your loan repayments to be $34,668 less. That's a saving of $2,889 a year.
Learn more about finding the cheapest home loan for you.
Another way to reduce your loan repayment costs is to save a bigger deposit and borrow less. This is easier said than done, of course. But if you can scrape together a bigger deposit it does make a difference.
Read our in-depth guide on saving a home loan deposit
Once you have your home loan, you can cut down your total repayment costs by putting some extra money into your loan. There are two ways you can do this:
As we explained above, fortnightly repayments actually get you slightly ahead on your loan repayments. Try it out for yourself using the loan repayment calculator, or use our bi-monthly repayment calculator (this is very helpful if you already have a home loan with monthly repayments).
When taking out a new home loan you can set up fortnightly repayments from day one. If you already have a home loan you may need to log in to your online banking portal or call the lender to change the repayment frequency.
The Finder app hunts down personalised ways for you to save. You could save on your bills, mobile plan, credit card, insurance and more. Pop in your phone number below to get your download link.
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We've answered some common loan repayment questions for anyone using our calculator.
Using a key facts sheet is the best way to get accurate information on your home loan repayments. Each lender should provide you with a key facts sheet, a document that gives you all the information you need on your mortgage payments.
Yes. While our calculator provides a very accurate estimate, even a lender's own calculations are only true if every detail of your home loan remains unchanged for the entire loan term. But that never happens.
Whether your home loan has a fixed or variable interest rate, this rate will eventually change. Rates simply can't stay the same over the life of a home loan. This means your repayments will change too.
Each home loan repayment you make will be split between the principal, or initial amount you borrowed, and interest, or the percentage of the principal the lender charges for lending you money.
When you begin repaying your home loan, the majority of your repayment will go toward interest with a smaller proportion paying down the principal. As you pay off more of the principal, the proportion of each regular payment devoted to the interest will decrease and the proportion devoted to the principal will increase.
Interest is the amount the lender charges for lending you money. It's calculated on a daily basis as a percentage of the remaining principal. For a full discussion on how home loan interest is calculated, check out our interest calculation guide.
Home loan interest rates behave in some ways like compound interest. Compound interest is interest added to the principal of a deposit so that the deposit earns interest on the original balance, plus the interest already earned. However, with a home loan, the principal is reducing so the amount that interest is being charged on is also shrinking.
Yes. A broker can guide you through every step of the home loan journey. They present you with several suitable home loans and can calculate what your repayments will look like.
Talk to a mortgage broker and get expert help.
After entering your details a mortgage broker from Aussie will call you. They will discuss your situation and help you find a suitable loan.
The Adviser’s number 1 placed mortgage broker 8 years running (2013-2020)
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I am wanting to buy a home, the value of the home is about $330 000 and I have $310 000 cash from the sale of my current home.
I just need to borrow about $20 000. I have about $30 000 in my bank, this is for daily expenditure etc. I have no bank card or other debt. I own my cars etc.
My problem is I am on aged pension ( $20 000 pa) and from seasonal work I can generate about $18 000 pa.
I need the borrowings of about $20 000 until such time as I sell a private vehicle and my truck, estimated combined value $ 50 000. I have checked my veda file and I can see no problems. Previous attempts to get funding saw a reluctance due to the nature of my work which is seasonal.
YOur advice to me to get the short term borrowing of $20 000 then i can buy my house.
thanks graham,.
Hi Graham,
Thanks for leaving a question on finder.
You can check out this page about loans for pensioners.Some of the banks listed on that page accepts age pension. Also, offering an asset as a security to a loan will up your chances of approval. Moreover, it’s a good idea to reach out to those lenders to check your eligibility before submitting your application as rejected application can negatively affect your credit rating.
Cheers,
Joel
I owe 154,000 on my home loan, I am currently paying $469.30 per fortnight,plus an extra $100.00 per fortnight..There is still 15 years and 2 Months to go..How many year will it cut from my loan, with the extra $100 per fortnight?
Rob.
Hi Rob,
Thanks for your question.
May I know how much your current interest rate is so I can assist you further?
Thanks and cheers,
Anndy
Sheriff just took repo on our house we told we could refinance we need to refinance 210,000 what lender would be the best to go through we are with nab Homeside we have 14 days to do this. Any ideas would be great, thanks
Andy
Hi Andy,
Thanks for reaching out.
I’ve sent you an email to follow up with this enquiry.
Thanks,
Belinda
could you send me the dates i made payments and payment amounts loan number X
Hi Keith,
Thanks for reaching out.
Please note that finder.com.au is an online comparison website so we are not a lender and we do not offer loans ourselves. If you’re after your home loan details, you’ll need to contact your lender directly.
Thanks,
Belinda
hi,
I have an investment property in a trust and are looking to refinance on a interest only loan.
the property is a 3 bedroom unit in West Perth WA,
what can you offer me?
Hi Neil,
Thanks for your enquiry.
finder.com.au is an online comparison service, we are not a lender or an issuing provider.
However, you may be interested to compare interest-only loans to find a suitable lender.
Thanks,
Belinda
I have a good job around 65000 pa I want to buy a home for approx. 210000 but only have 15000 saved up Can you help me please
Hi Michael,
Thank you for getting in touch.
You have come through to finder.com.au, a financial comparison site, we are not able to offer personalised advice please contact a mortgage broker to discuss your needs.
Regards
Jodie
Can I easily transfer my home loan from another lender to your Super Start Home Loan and am I eligible for a Super Start if I am already in the market?
Hi Wendy,
Thanks for your question.
The staff at Bankwest will be happy to assist you with the process. The Super Start home loan is available for refinancers and borrowers already in the market.
You also have the option to get conditional approval over the phone, the process takes about 15-20 mins.
Cheers,
Shirley
We want to borrow $105,000 and pay the loan off as quickly as possible. Is there a minimum term to have the Dream Loan Express or can it be paid off as quickly as possible. Is the rate of 4.57%p.a. still applicable for this type of loan. Thank you
Hi Donna,
Thanks for your comment.
The minimum loan term is 10 years for the Dream Loan Express.
Please see this page for current rates.
Cheers,
Shirley