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Fortnightly and Weekly Repayment Calculator

Paying half your monthly repayment every fortnight means 26 payments a year, which adds up to one extra monthly repayment each year. That extra amount reduces your balance faster and can cut years off the loan. This calculator compares monthly, fortnightly and weekly repayments side by side.

Paid fortnightly? Matching your loan repayments to your pay cycle can make budgeting easier. This calculator shows your repayment at each frequency and the estimated difference in interest and loan term.

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Use the fortnightly and weekly repayment calculator

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How to use the repayment frequency calculator

Enter your loan amount, interest rate and loan term.
Read the repayment for monthly, fortnightly and weekly frequencies.
Compare the total interest and loan term for each frequency.

Things to know

There are 26 fortnights in a year but only 24 half-months. So if you pay half your monthly repayment every fortnight, you make the equivalent of one extra monthly repayment each year. That extra payment is where most of the saving comes from. Some lenders calculate fortnightly repayments differently (dividing the annual amount by 26), which removes most of the benefit. Check how your lender does it.

Hot Tip: The saving comes from paying more, not from the frequency itself. If your lender divides the annual amount by 26, ask whether you can set the repayment manually.

Worked example (illustrative)

On a $600,000 loan, paying half the monthly repayment every fortnight adds the equivalent of one extra monthly repayment each year. The calculator shows the shorter loan term and lower total interest that results.

What this calculator assumes

Fortnightly repayments are half the monthly amount and weekly repayments are a quarter.
Interest is calculated daily and the rate doesn't change.
Fees are not included.

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Frequently asked questions

Do fortnightly repayments really save money?

Only if you pay half the monthly amount every fortnight. That creates 26 half-payments a year, the same as 13 monthly payments. If your lender simply converts the monthly amount to a fortnightly equivalent, the saving is much smaller.

Can I change my repayment frequency?

Most lenders let you choose weekly, fortnightly or monthly repayments and change it later. Some fixed rate loans have restrictions, so check with your lender. Lenders don't usually charge to change frequency. It can often be done in your online banking. Make sure the new payment date lines up with your pay day.

Is weekly better than fortnightly?

Paying a quarter of the monthly amount weekly gives a similar result to half-monthly fortnightly payments. Choose the frequency that matches your pay cycle so it fits your budget. The bigger saving comes from the extra amount paid each year, not the frequency itself.

Got a number? Let's see what it means for you

A calculator can tell you what the maths says. It can't tell you which lenders would accept your application, how they treat your income or whether a different structure would suit you better. Book a complimentary loan strategy session. We're based in Brisbane and help clients right across Australia, and in most cases you won't pay us a broker fee because we're paid by the lender you choose.

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