Loan Repayment Calculator

What this calculator does

This calculator shows what a home loan costs each month, fortnight or week, based on the amount you borrow, your interest rate and the loan term. Use it to sanity-check what a lender quotes you, compare two loan options side by side, or see how much a rate rise would add before you commit.

Reading the result

Enter the loan amount, interest rate and term. The result is your regular repayment (principal and interest) plus the total interest you’ll pay over the life of the loan. The total-interest figure is the one worth watching – on a 30-year loan it’s often more than the amount you borrowed.

Example

On a $600,000 loan at 6.0% over 30 years, the repayment is about $3,597 a month, and you’d pay roughly $695,000 in interest across the full term. Drop the term to 25 years and the monthly repayment rises to about $3,866, but total interest falls by around $135,000 – the trade-off most people don’t see until they run the numbers.

Frequently asked questions

Does this include fees? No – it calculates principal and interest only. Lenders also charge application, ongoing and sometimes discharge fees, so factor those in separately, or ask a broker for the comparison rate, which folds most fees into a single number.

Why are my real repayments different to the estimate? Usually the rate. This uses the rate you enter; your lender’s actual rate, plus whether it’s fixed or variable, changes the result. Offset accounts and extra repayments also lower what you actually pay.

Should I pay weekly, fortnightly or monthly? Paying fortnightly – half the monthly amount every two weeks – squeezes in the equivalent of one extra monthly repayment a year, which can cut years off the loan. Run both and compare the total interest.

Not sure which loan structure suits you? A good broker compares lenders and structures for free. See our rankings of the best mortgage brokers in Australia.