Mortgage repayments are the payments you make back to the financial institution that lent you money to purchase your home. The mortgage repayments are stated in your contract, and are calculated based on the total loan amount divided by the term, plus interest and other fees. These are usually paid on a weekly, fortnightly or monthly basis. Each payment made is debited from your outstanding debt, so with each payment you are a step closer to owning your investment or home.
Mortgage repayment calculators
Mortgage repayment calculators are a great tool to use to work out exactly what your weekly, fortnightly or monthly repayments will look like. If you have a few home loans in mind, add in their interest rates and term loans and it will calculate a repayment amount for you.
How are my home loan repayments calculated?
There are a number of factors that are taken into account when calculating your home loan repayments.
- Loan amount
- Interest rate
- Loan term
- Repayments: Monthly, twice per month, weekly or fortnightly
- Additional repayments
- Repayment type: Principal + interest or interest only
- Mortgage type: Variable, fixed, intro of split