Calculator

Home Loan Repayment Calculator

Enter your loan amount, interest rate and loan term to estimate your home loan repayments and the total interest over the life of the loan. Small changes add up: a 0.25% rate change or a five-year shorter term can make a big difference to what you pay.

Work out roughly what your repayments could be. Enter the loan amount, interest rate and loan term to see the estimated repayment and the total interest over the life of the loan.

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Use the home loan repayment calculator

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How to use the home loan repayment calculator

Enter the loan amount (purchase price minus deposit).
Enter the interest rate and loan term, and choose principal and interest or interest only.
Read the monthly, fortnightly and weekly repayment and the total interest.

Things to know

Small changes add up. A 0.25% difference in rate or five extra years on the term can change the total interest by thousands of dollars. Try a few rates above today's to see how your budget handles a rise. The result assumes the rate stays the same for the whole term (it almost never does) and doesn't include fees.

Hot Tip: Test your budget at a rate at least 3% higher than the one you're quoted. Lenders do the same thing when they assess you.

Worked example (illustrative)

A $600,000 loan over 30 years is entered at an illustrative rate, then at that rate plus 0.25%. The difference shows how a single rate rise changes the monthly repayment.

What this calculator assumes

The rate stays the same for the whole term.
Fees and lenders mortgage insurance are not included.
Repayments are made on time with no redraws.

Related guides

Frequently asked questions

How are home loan repayments calculated?

Repayments are based on the loan amount, interest rate, term and whether you pay principal and interest or interest only. Interest is usually calculated daily on the balance and charged monthly. The calculator uses the standard amortisation formula lenders use.

How much does a 0.25% rate rise add to my repayments?

It depends on your balance and term. Enter your loan with the current rate, then the rate plus 0.25%, to see the difference. Our rate rise checklist shows what to do next. Building in a buffer helps you absorb future rises.

Should I choose a 25 or 30 year term?

A 30-year term lowers repayments but costs more interest. A shorter term saves interest but needs higher repayments. Many people take 30 years for flexibility and make extra repayments when they can. You can usually shorten the term later if your income rises.

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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Prefer to talk? Call (07) 3194 0888.