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# 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.

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

Loan amount
\$
Term
Repayment type
Interest rate
%
Interest only period
Payment frequency
Extra monthly repayments
\$

Once the interest only period ends, your estimated repayments will be
(including extra )
Total loan repayments:
Total interest payable:
Compare home loans
By making extra monthly repayments of
Your loan term could reduce by:
You could pay less interest, saving:
Years remaining Principal remaining
Calculator Assumptions: The above calculations are worked out assuming youâ€™re paying off a principal and interest or interest only home loan where the interest rate remains the same over the life of the loan. The repayment amounts do not take into account any additional fees or charges that may be charged to your loan (e.g. application fees or lenders' mortgage insurance premiums).
Disclaimer: Whilst every effort has been made to ensure the accuracy of this calculator, the results should be used as indication only. They are neither a quote nor a pre-qualification for a loan.

### How does the loan repayment calculator work?

Here's a simple example of what the calculator can tell you and what it means.

#### Example calculation

Calculator inputDetails
Loan term30 years
Loan amount\$600,000
Interest rate4.50%
Payment frequencyMonthly
Repayment typeP&I (principal and interest)
Repayment\$3,041
Total loan cost\$1,094,441
Total interest payable\$494,441

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.

#### 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.

### 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.

### 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 inputLoan 1Loan 2
Loan term30 years30 years
Loan amount\$600,000\$600,000
Interest rate4.50%5.00%
Payment frequencyMonthlyMonthly
Repayment typeP&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.

#### 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.

#### Make extra repayments (or better yet, use an offset account)

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:

• 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.

### Common questions about loan repayments

We've answered some common loan repayment questions for anyone using our calculator.

#### How can I find out exactly how much my loan repayments will be?

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.

#### Will my repayments change over time?

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.

#### How do principal and interest payments work?

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.

#### How do interest rates work?

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.

#### Are home loans an example of compound interest?

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.

#### Can a mortgage broker help me calculate my loan repayments?

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.

### Compare home loans rates right now

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1 - 20 of 65
Name Finder Score Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Principal & Interest20% min. depositOwner-occupierRefinance Only
Principal & Interest20% min. depositOwner-occupierRefinance Only
Product Name Unloan Variable Home Loan variable rate Principal & Interest 5.99% 5.90% \$10,000 \$10,000,000 30 years 80% Yes No No No No Yes
Finder score
9.1
Interest Rate
5.99%
Comparison Rate
5.90%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$900
Principal & Interest20% min. depositOwner-occupier
Principal & Interest20% min. depositOwner-occupier
Product Name Macquarie Bank Basic Home Loan variable rate Principal & Interest 6.19% 6.21% \$150,000 \$10,000,000 30 years 80% Yes No Yes No No Yes
Finder score
8.4
Interest Rate
6.19%
Comparison Rate
6.21%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$919
Principal & Interest20% min. depositOwner-occupier
Principal & Interest20% min. depositOwner-occupier
Product Name IMB Budget Home Loan variable rate Principal & Interest 6.14% 6.17% \$10,000 N/A 30 years 80% Yes No Yes No Yes Yes
Finder score
8.5
Interest Rate
6.14%
Comparison Rate
6.17%
Fees
Application: \$449
Ongoing: \$0 p.a.
Monthly Payment
\$914
\$2,000-\$4,000 cashback
Eligible refinancers can get up to \$4,000 cashback when switching their loan to IMB. Loan value criteria applies. Other terms and conditions also apply.
Principal & Interest10% min. depositOwner-occupierOffset account
Principal & Interest10% min. depositOwner-occupierOffset account
Product Name loans.com.au Solar Home Loan Variable rate Principal & Interest 5.99% 6.51% \$50,000 \$1,500,000 30 years 90% Yes Yes Yes Yes
Finder score
9.1
Interest Rate
5.99%
Comparison Rate
6.51%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$900
Principal & Interest10% min. depositOwner-occupierOffset account
Principal & Interest10% min. depositOwner-occupierOffset account
Product Name Bendigo Bank Express Variable Home Loan variable rate Principal & Interest 6.01% 6.14% \$5,000 \$10,000,000 30 years 90% Yes Yes No No No Yes
Finder score
9.1
Interest Rate
6.01%
Comparison Rate
6.14%
Fees
Application: \$0
Ongoing: \$10 per month
Monthly Payment
\$902
Principal & Interest30% min. depositOwner-occupierOffset account
Principal & Interest30% min. depositOwner-occupierOffset account
Product Name Homestar Star Classic Variable Rate Home Loan variable rate Principal & Interest 5.99% 5.99% \$150,000 \$2,000,000 70% No Yes Yes No No Yes
Finder score
9.1
Interest Rate
5.99%
Comparison Rate
5.99%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$900
Principal & Interest20% min. depositOwner-occupierOffset account
Principal & Interest20% min. depositOwner-occupierOffset account
Product Name Newcastle Permanent Real Deal Home Loan variable rate Principal & Interest 6.09% 6.13% \$150,000 N/A 30 years 80% Yes Yes Yes Yes Yes Yes
Finder score
8.9
Interest Rate
6.09%
Comparison Rate
6.13%
Fees
Application: \$595
Ongoing: \$0 p.a.
Monthly Payment
\$909
\$3,000 refinance cashback offer
Eligible purchasers and refinancers can get \$2,000 or \$3,000 depending on loan value, as long as LVR is 80% or lower. Terms and conditions apply.
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
Product Name Greater Bank Great Rate Discount Variable Home Loan variable rate Principal & Interest 6.04% 6.05% \$150,000 N/A 110% Yes No Yes No No Yes
Finder score
8.7
Interest Rate
6.04%
Comparison Rate
6.05%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$905
Up to \$2,500 cashback
Eligible refinancers can get up to \$2,500 cashback depending on loan value. Full terms and conditions apply.
Principal & Interest10% min. depositOwner-occupier
Principal & Interest10% min. depositOwner-occupier
Product Name loans.com.au Variable Home Loan variable rate Principal & Interest 6.04% 6.06% \$50,000 \$2,000,000 30 years 90% Yes No Yes Yes
Finder score
8.6
Interest Rate
6.04%
Comparison Rate
6.06%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$905
Principal & Interest30% min. depositOwner-occupierOffset account
Principal & Interest30% min. depositOwner-occupierOffset account
Product Name Macquarie Bank Offset Home Loan Package variable rate Principal & Interest 6.14% 6.39% \$150,000 \$10,000,000 30 years 70% Yes Yes Yes Yes No Yes
Finder score
8.9
Interest Rate
6.14%
Comparison Rate
6.39%
Fees
Application: \$0
Ongoing: \$248 p.a.
Monthly Payment
\$914
Principal & Interest20% min. depositOwner-occupierOffset account
Principal & Interest20% min. depositOwner-occupierOffset account
Product Name Macquarie Bank Offset Home Loan Package variable rate Principal & Interest 6.19% 6.44% \$150,000 \$10,000,000 30 years 80% Yes Yes Yes Yes No Yes
Finder score
8.8
Interest Rate
6.19%
Comparison Rate
6.44%
Fees
Application: \$0
Ongoing: \$248 p.a.
Monthly Payment
\$919
Principal & Interest10% min. depositInvestmentOffset account
Principal & Interest10% min. depositInvestmentOffset account
Product Name loans.com.au Solar Home Loan Variable rate Principal & Interest 6.19% 6.58% \$50,000 \$1,500,000 30 years 90% Yes Yes Yes Yes
Finder score
9.2
Interest Rate
6.19%
Comparison Rate
6.58%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$919
Principal & Interest 3Y Fixed20% min. depositOwner-occupier
Principal & Interest 3Y Fixed20% min. depositOwner-occupier
Product Name Macquarie Bank Basic Fixed Home Loan fixed rate Principal & Interest 6.35% 6.26% \$150,000 \$10,000,000 30 years 80% No No Yes Yes No Yes
Finder score
7.9
Interest Rate
6.35%
Comparison Rate
6.26%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$935
Principal & Interest 3Y Fixed20% min. depositInvestment
Principal & Interest 3Y Fixed20% min. depositInvestment
Product Name Macquarie Bank Basic Fixed Home Loan fixed rate Principal & Interest 6.65% 6.53% \$150,000 \$10,000,000 30 years 80% No No Yes Yes No Yes
Finder score
7.9
Interest Rate
6.65%
Comparison Rate
6.53%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$964
Principal & Interest10% min. depositInvestment
Principal & Interest10% min. depositInvestment
Product Name loans.com.au Variable Home Loan Variable rate Principal & Interest 6.34% 6.36% \$50,000 \$2,000,000 30 years 90% Yes No Yes Yes
Finder score
8.5
Interest Rate
6.34%
Comparison Rate
6.36%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$934
Principal & Interest20% min. depositInvestmentOffset account
Principal & Interest20% min. depositInvestmentOffset account
Product Name Macquarie Bank Offset Home Loan Package variable rate Principal & Interest 6.45% 6.70% \$150,000 \$10,000,000 30 years 80% Yes Yes Yes Yes No Yes
Finder score
8.8
Interest Rate
6.45%
Comparison Rate
6.70%
Fees
Application: \$0
Ongoing: \$248 p.a.
Monthly Payment
\$945
Principal & Interest20% min. depositInvestmentRefinance Only
Principal & Interest20% min. depositInvestmentRefinance Only
Product Name Unloan Variable Home Loan variable rate Principal & Interest 6.29% 6.20% \$10,000 \$10,000,000 30 years 80% Yes No No No No Yes
Finder score
9.1
Interest Rate
6.29%
Comparison Rate
6.20%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$929
Principal & Interest20% min. depositInvestment
Principal & Interest20% min. depositInvestment
Product Name Macquarie Bank Basic Home Loan variable rate Principal & Interest 6.45% 6.48% \$150,000 \$10,000,000 30 years 80% Yes No Yes No No Yes
Finder score
8.3
Interest Rate
6.45%
Comparison Rate
6.48%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$945
Principal & Interest40% min. depositOwner-occupierOffset account
Principal & Interest40% min. depositOwner-occupierOffset account
Product Name Macquarie Bank Offset Home Loan Package variable rate Principal & Interest 6.14% 6.39% \$150,000 \$10,000,000 30 years 60% Yes Yes Yes Yes No Yes
Finder score
8.9
Interest Rate
6.14%
Comparison Rate
6.39%
Fees
Application: \$0
Ongoing: \$248 p.a.
Monthly Payment
\$914
Principal & Interest 3Y Fixed30% min. depositOwner-occupier
Principal & Interest 3Y Fixed30% min. depositOwner-occupier
Product Name Macquarie Bank Basic Fixed Home Loan fixed rate Principal & Interest 6.25% 6.20% \$150,000 \$10,000,000 30 years 70% No No Yes Yes No Yes
Finder score
8
Interest Rate
6.25%
Comparison Rate
6.20%
Fees
Application: \$0
Ongoing: \$0 p.a.
Monthly Payment
\$925
Showing 20 of 65 results

### 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.

Written by

#### Richard Whitten

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise
Richard has written 538 Finder guides across topics including:
• Home loans
• Property
• Personal finance
• Money-saving tips

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