Mortgage repayment calculator
Use Finder's mortgage repayment calculator to work out your monthly amount, and compare the latest interest rates to avoid paying too much.
Key takeaways
- It's important to know how much your monthly repayments would be, so you can use Finder's mortgage repayment calculator to work that out.
- The amount your monthly repayments costs will depend not only on your loan amount but on your loan term, interest rate and repayment frequency.
- If you want to lower your repayments you should consider saving a bigger deposit or getting a lower interest rate.
What different scores mean
9+
Excellent
These home loans offer low costs, coupled with a host of features, giving the best overall value.
7+
Great
These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.
5+
Standard
Usually the home loans would offer above average rates. They may still include some competitive features.
0+
Basic
Higher costs and/or fewer features.
With our mortgage repayment calculator you can quickly calculate how much your mortgage will cost you each week, fortnight or month.
Just enter the following details:
- Loan term: The length of the home loan (usually 30 years).
- Loan amount: The amount you wish to borrow or refinance (just put an estimate if you're not certain).
- Interest rate: Don't know your current rate? Find an average rate in the table below.
- Payment frequency: You can choose monthly, fortnightly or weekly.
Calculate your home loan repayments now
Rate rise calculator
See what a change to your interest rate does to your home loan repayments - and whether refinancing could work out lower.
$
% p.a.
How your loan pays off
- At your current rate
- After the rise
Your new rate
5.55% p.a.
▲ Up 0.25% · 25 bpRepayment change
+$0 a month
That's $0 more a year
- Current repayment per month
- $0
- New repayment per month
- $0
- Interest change over term
- —
Refinancing could beat the rise
See what you could save Hypothetical
These home loans in Finder's database work out cheaper than your new repayment. Repayments are estimates based on your loan amount and remaining term.
| Lender | Rate | Monthly repayment | You could save |
|---|
How we calculated this
- Loan amount and remaining term: taken from what you entered.
- Current repayment: calculated using the interest rate you entered (or, if you didn't enter one, the market average variable rate published by the RBA for owner-occupier P&I loans, refreshed monthly).
- New repayment after rate change: applied to the same balance and remaining term, using the rate change you selected.
- "You could save" figures: the difference between your new repayment and each lender's advertised variable rate for a comparable loan in Finder's database, holding your balance and remaining term constant.
- Long-term interest and savings: totalled over your remaining term in nominal dollars - the actual cash you'd pay or save. This matches ASIC's Moneysmart mortgage switching calculator; loan comparisons are shown as real cash outflows, not inflation-adjusted balances. Present-value discounting under ASIC Instrument 2026/41 applies to accumulation-style projections (super, investment balances) where purchasing power of a future balance matters - not to loan cash-flow comparisons.
- Assumptions: repayments are principal-and-interest, made monthly, with no additional repayments, redraws or offset balances. Lender fees, LMI and government charges are not included. Rates shown are advertised rates and may not reflect what you're offered after credit assessment.
- Data freshness: home loan rates are pulled from Finder's product database, updated regularly by our home loans team. Comparison rates are calculated on a $150,000 loan over 25 years unless the lender publishes a different basis.
If your loan is interest-only, these estimates won't be accurate for your cash-flow position. Use an interest-only calculator instead, or speak to a broker.
These figures are estimates, not quotes. Monthly repayments are calculated from the loan amount and remaining term you entered, using each lender's advertised variable rate on a principal-and-interest basis. Actual repayments will differ once the lender assesses your application and will depend on fees, your loan-to-value ratio and any future rate changes. If your existing loan is interest-only, the "You could save" figures won't reflect your real cash-flow change - compare on rate alone. All figures are shown in nominal dollars - the actual cash you'd pay or save across the loan term. This matches ASIC Moneysmart's approach for its mortgage switching calculator. See the assumptions panel for the full methodology.
Estimates only, not quotes. Repayments assume principal-and-interest and your entered loan amount and term. Figures are in nominal dollars over the loan term. Tap "How we calculated this" for details.
General advice warning. The information on this page is general in nature and doesn't take your objectives, financial situation or needs into account. Before acting on it, consider whether it's appropriate for you and read the lender's Key Facts Sheet, Target Market Determination and Credit Guide. Home loan rates, fees and features can change without notice. We recommend you speak to a licensed mortgage broker or financial adviser before deciding to refinance. Hive Empire Pty Ltd (ACL 385509) provides factual information and general advice only - not personal advice or a credit recommendation.
General advice only. This info doesn't consider your personal situation. Read each lender's Key Facts Sheet and consider speaking to a mortgage broker before refinancing. Hive Empire Pty Ltd, ACL 385509.
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How does the loan repayment calculator work?
The repayment calculation comes with three parts:
- Repayments: This is how much you will have to repay each month, fortnight or week depending on your payment frequency.
- Total cost of loan: This is the entire amount you will pay over the course of the loan, including the loan amount and the interest charged.
- Total interest payable: This is the amount of interest you end up paying on top of the amount you've borrowed.
Here's a simple example of what the calculator can tell you and what it means.
Example calculation
| Calculator input | Details |
|---|---|
| Loan term | 30 years |
| Loan amount | $600,000 |
| Interest rate | 4.50% |
| Payment frequency | Monthly |
| Repayment type | P&I (principal and interest) |
| Repayment | $3,041 |
| Total loan cost | $1,094,441 |
| Total interest payable | $494,441 |
How does the repayment calculation work?
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: M = P [i(1+i)^n/ 1-(1+i)^n]
If that makes your head hurt, we'll break it down further for you.
- M = Your monthly repayment, the figure you're trying to solve for.
- P = The principal on the loan, or original amount you borrowed.
- i = Your effective monthly interest rate. Remember, the rate you see advertised by the bank is an annual interest rate, so you'll need to divide by 12 to get your monthly interest rate.
- n = The total number of repayments on the loan.
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.
Average monthly repayment in Australia
With the cash rate at 4.35%, the average monthly home loan repayment could be around $4,814. This is based on a 30-year $731,000 loan, which is the ABS average owner occupier loan size in the June 2026 quarter, and the average variable interest rate in Finder's database of 6.90%.
Source:
Finder database, ABS
How does my loan term, repayment type and frequency affect my repayments?
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:
- Loan term. A longer loan term means lower monthly or fortnightly repayments but you will end up paying more in interest over time. This is because you take longer to repay the loan and are charged more interest.
- Repayment type. If you pick principal and interest repayments your overall loan costs will be lower. This is because interest only repayments defer the total cost of your loan until after the interest only period ends. You end up paying more overall.
- Repayment frequency. Here's a helpful tip: there are 12 months in a year but there are 26 fortnights. Making repayments fortnightly actually works out cheaper because you're making one extra month of repayments per year.
Our expert says: Don't forget to include extra costs
"When you're calculating your home loan repayments, don't forget to add in any other costs that might get rolled into your home loan. If it's your first home and you have less than 20% deposit, you'll need to include the cost of LMI. You can calculate that here if you're not sure how much that would be.
Your home loan may also come with monthly or annual service fees. Package home loans in particular come with annual fees that can be a few hundred dollars."
How can I repay my home loan faster or save money on my home loan?
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:
Get a lower interest rate
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 4.50%, but now compared to a higher rate of 5.00%. 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 | 4.50% | 5.00% |
| Payment frequency | Monthly | Monthly |
| Repayment type | P&I (principal and interest) | P&I (principal and interest) |
| Repayment | $3,041 | $3,221 |
| Total loan cost | $1,094,441 | $1,159,535 |
| Total interest payable | $494,441 | $559,535 |
Over 30 years, the higher interest rate on loan 2 would cost you an extra $65,094. That's a huge increase in costs for just 50 more basis points added to the interest rate.
Learn more about finding the cheapest home loan for you.
Save a bigger deposit
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
Curious if you're paying more than everyone else?
The average Australian mortgage holder now hands over 38% of their take-home pay in repayments, and more than half (55%) are above the 30% mark widely used to define mortgage stress. Comparing your rate against the market average is a quick gut-check on whether you're getting a fair deal.
Source:
Finder 2026 Home Loan Report
Make extra repayments or use an offset account
Rather than reducing your monthly repayments specifically, you might choose to reduce your overall cost. You can do this in 2 ways:
- Extra repayments. Most loans allow you to repay more than the monthly minimum amount. These extra repayments effectively cut down how much you have to pay in interest. Use our extra repayment calculator to learn how it works.
- Offset account. If your loan has a 100% offset account then you can save any extra money there instead of making extra repayments on the loan. Money in your offset account also cuts down your interest, but the money is yours to spend if you need it.
Switch to fortnightly repayments
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.
More questions about loan repayments
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How we picked these
What is Finder Score?
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
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For how long i can set up a fixed term interest loan? so i will be sure that my loan repayments will stay the same for all the lenght of the loan .
Hi Ivan,
Generally, Fixed rate terms are between 1 and 5 years. Most loans give you multiple options, with different rates for each. It’s worth talking to your lender or mortgage broker if you want to explore more about fixed-rate options.
Thanks,
Rebecca
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 may refer to our list of pensioners loans. 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.
When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
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