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Mortgage Repayment Calculator

Calculate the cost of mortgage repayments. See how different interest rates, loan terms and more can affect a home loan’s cost.

How does this work?

  1. Enter the amount you want to borrow.
  2. Select the loan term from the slider.
  3. Add the interest rate for your loan. We have added the default interest rate, which is today’s average Big 4 owner occupier advertised discounted variable rate (LVR 80%).
  4. Select the repayment type. This is whether you’d be paying back the principal and interest or just the interest (for a certain number of years).
  5. The results are calculated automatically. Select if you’d like to see estimated weekly, fortnightly or monthly values.

  • What you can also do:

    1. Email the results to yourself for future reference.
    2. Check over the repayments graph to see what the total repayment values are over the period.
    3. Go through the full repayment schedule. You can download the file easily on your device.
    4. Click or tap ‘Reset’ to start over.
    5. Browse available loan options right below the calculator.
    6. To see more loan options, click or tap on the Compare home loans button.
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  1. All calculations are estimates only; they are not guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
  2. It is assumed that data entered into the calculator, including interest rates, do not change for the lifetime of the loan - unless specified.
  3. The Present Value provided by this calculator is displayed as the amount labelled 'Loan amount'.
  4. At the end of the interest-only period, the rate may change. For this calculation, rate switches to the current rate.
  5. The current rate is today’s average big 4 owner occupier advertised discounted variable rate (LVR 80%), unless you have inserted your own rate.
  6. Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
  • Months are assumed to be of equal length. However, given some months are longer than others, interest charged may vary depending upon the month.
  • One year is assumed to contain exactly 52 weeks or 26 fortnights. Thus each year has 364 days.
  • The calculator uses the unrounded repayment to derive the home loan summary line graph and repayment schedule. However, institutions may round repayments to the nearest cent.
  • Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
  • Calculator does not include the cost of fees or other extra charges.
  • Calculator does not account for changes to interest rates over time.
  • This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Consider whether you need financial advice from a qualified adviser.
  • After the interest only term ends, your repayments will change based on the current* interest rate. This rate is subject to change. Read our full disclaimer.

Based on your details, you can compare the following home loans

5.99%

5.90%

$2,253

More detailsclick for more details

Australian Credit Licence 234945

Fees & charges apply

  • 2024 Award Winner
  • Special
  • Owner Occupied
  • Variable
  • 20% min deposit
  • P&I

6.09%

6.13%

$2,274

More detailsclick for more details

Australian Credit Licence 238273

Fees & charges apply

  • Owner Occupied
  • Variable
  • 20% min deposit
  • P&I

6.01%

6.14%

$2,257

More detailsclick for more details

Australian Credit Licence 237879

Fees & charges apply

  • Special
  • Owner Occupied
  • Variable
  • 10% min deposit
  • P&I

6.23%

6.38%

$2,305

Enquire

Australian Credit Licence 244616

Fees & charges apply

  • Cashback
  • Owner Occupied
  • Variable
  • 20% min deposit
  • P&I

6.64%

6.96%

$2,394

More detailsclick for more details

Australian Credit Licence 243099

Fees & charges apply

  • Owner Occupied
  • Variable
  • 20% min deposit
  • P&I

6.59%

7.27%

$2,383

Enquire

Australian Credit Licence 234527

Fees & charges apply

  • Cashback
  • Owner Occupied
  • Fixed 2 years
  • 10% min deposit
  • P&I

Providers we compare

Sally Tindall
Sally Tindall

Research Director

Content updated

Product data updated

What is a home loan calculator?

Also called a "mortgage calculator", a home loan calculator can help you to:

  • Find a low rate: Work out the lowest interest rates you can afford, and how much you could save compared to a higher rate loan.
  • Find out how much you can borrow: Use your income and saved deposit to work out how much you can afford to borrow and comfortably repay.
  • Find out how much you’ll pay in interest: Break down the total cost of your loan, and see how much total interest you’ll pay when you buy a property.

Keep in mind that a mortgage calculator does not take every aspect of your personal situation into account, and is not a substitute for professional financial advice.

When should I use a home loan calculator?

Home loan calculators can be useful at almost any stage of your home loan journey:

  • Before you start looking for properties, you can estimate how much a bank may offer to lend you, giving you a better idea of your real estate budget.
  • When you’re seeking home loan preapproval, you can determine the maximum repayments you could potentially afford, and how this could change if interest rates were to rise or fall.
  • When making offers on properties, you can determine how different purchase prices and property values can affect the LVR and LMI on your home loan.
  • Once you have a home loan, you can work out how refinancing to a different interest rate could affect your repayments and potentially put you in a better financial position.

What type of calculator should I use when I’m looking to buy?

  • Home loan repayment calculator: By using this calculator to estimate your mortgage repayments with different variables, you can work out which loans match your needs and financial situation. 
  • Borrowing power calculator: A calculator that can help you determine how much money a lender may offer to lend you when you’re seeking pre-approval, so you can have a maximum budget in mind when making an offer on a new home or investment property.
  • Stamp duty calculator:Estimating the stamp duty you may have to pay on a property can help you calculate your upfront costs when buying a property.
  • LMI calculator: If your deposit is on the smaller side, a calculator can help estimate how much Lender’s Mortgage Insurance you might have to pay for when you apply for a home loan.
  • Mortgage stress calculator: Comparing the potential cost of mortgage repayments with your household income can help you work out if a change in interest rates or a similar financial shock could put your budget under stress.
  • Refinance calculator: Working out what interest repayments look like from one loan, compared to your current loan, can help you work out if now is the right time to consider switching mortgages.

Get a property's value and work out what you can afford

Using a mortgage calculator is just one part of the journey. Find out how much a property is worth and you'll know how much you need to borrow before using a calculator.
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Why should I use a mortgage calculator?

Mortgage calculators can help you quickly and easily compare the costs and benefits of home loans in Australia from a variety of different mortgage lenders – simply enter the details of each offer to estimate its overall value. Knowing the monthly, weekly or fortnightly repayments on a home loan can also help you estimate the total cost over the full loan term.

Useful for anyone considering buying a property, a home loan calculator can offer a way to understand your future financial outlook, whether you're a first home buyer, you've bought before, or you’re buying an investment property.

Will using a bank or lender's calculator offer the best results?

Using a bank’s home loan calculator, such as those from the Commonwealth Bank, ANZ, NAB, Westpac, or another major lender, may help you estimate the cost of repayments for that bank’s own mortgage products. This may be helpful if you’re looking for a home loan from a specific bank or lender. 

However, a bank’s mortgage calculators may not always let you adjust the figures in your calculation (e.g. the interest rate, loan term etc.) to something other than what’s offered by their own loan products, preventing you from being able to easily see how each factor may affect the loan. Plus, there may not be an easy way to compare the calculated cost of the bank’s mortgage offers to the value of home loans from other mortgage lenders.

What a home loan comparison calculator offers

A mortgage calculator from a home loan comparison site may allow you to enter your own interest rate, loan term and more, giving you more control over your calculations, and a greater understanding of which home loan features and benefits may affect the final cost and value.

You can also quickly compare the results from the calculator on a comparison site with home loan offers from other banks and lenders. This can help you find alternative home financing options, perhaps even with a mortgage lender you hadn’t previously considered.

Can mortgage calculators be used for investment loans?

There is no real difference between a home loan calculator and an investment property loan calculator. Most mortgage calculators can be used to calculate repayments on investment loans just as easily as for owner occupier home loans. Simply enter the details of the investment loan you’re looking at to calculate the repayments or estimate your borrowing power.

Keep in mind that investment loans often have higher interest rates and stricter eligibility criteria than home loans for owner occupiers. This could affect the cost of your repayments, especially if you opt for interest-only repayments on your investment loan for a limited time. Also, your borrowing power may be slightly lower, as some lenders consider investment mortgages riskier than home loans for owner occupiers.

How do I use a home loan repayment calculator?

To find the estimated repayments on a home loan, simply enter a few details into our home loan calculator. 

Using this information, the calculator can find:

  • Your estimated repayments (weekly, monthly, or fortnightly)
  • The total interest payable
  • The total amount payable
  • Your repayment schedule

Our calculator can also show you how much you could potentially save by adjusting your loan term or other figures, and help you compare home loans that may suit the requirements you’ve entered. 

How to use a home loan repayment calculator

  1. The loan amount you’d like to borrow: Essentially, how much you need to purchase your property.
  2. The interest rate you’d like to pay: You can find interest rates from a variety of lenders here, using those numbers to simulate how much you'll need.
  3. Your preferred repayment type: Principal and Interest or Interest Only.
  4. Your borrower type: Are you borrowing to be an Owner Occupier, or are you borrowing as an Investor?
  5. The loan term you’d like to take to pay off your debt: Home loan terms can be as short as one year and go all the way to 30 years.

How do I view my mortgage calculator repayment schedule?

If you click to view your repayment schedule in your mortgage calculator results, you’ll be shown a graph illustrating how your mortgage can be paid off over time. You can see at a glance how much of each home loan repayment will be made up of your loan’s principal, how much will be made up of interest charges, and how these percentages will change over time as you pay off your loan.

You can also click to view your repayment schedule as a table, showing a full breakdown of the dollar values that make up each repayment. This can be handy if you like to more precisely manage your household budget, or want to get a better idea of exactly where your money will be going.

Keep in mind that your repayment schedule is an estimate based on the values entered into the mortgage calculator. It does not take into account:

  • increases or decreases to variable interest rates
  • any fees you may be charged
  • the use of loan features such as an offset account or redraw facility

What's the next step after using a mortgage calculator?

After the mortgage repayment calculator has told you how much you could expect to pay for your home loan, the next step is to compare the range of home loans that are available on the market, and to consider their interest rates, fees, features and other benefits, such as offset and redraw, and whether or not the loan product offers a fixed rate or variable rate. These loan products can vary wildly, and there may also be other eligibility criteria or lending criteria for you to fulfil when you’re home buying.

Keep in mind that as well as interest, there may be upfront and ongoing fees and other charges to consider. To get a better idea of a home loan’s overall cost, look at its comparison rate. A mortgage’s interest and standard fees and charges are included when calculating its comparison rate, so you can tell at a glance which loans could end up costing more or less. Just remember that home loan comparison rates are calculated using pre-set assumptions for consistency – different terms will likely apply to your loan, so the comparison rate should provide a guideline only.

Will a mortgage broker make it easier than doing it myself?

Once you find a loan that may match your needs, you can contact the lender directly to make an application. If you’re having trouble working out which mortgage offer may be right for you, a mortgage broker may be able to provide personal financial advice

Mortgage brokers are home loan experts who can help you with every step of searching and applying for a mortgage. A broker can look at your finances and personal goals, and calculate what repayments may best suit your budget, including the effect of making extra repayments or using home loan features such as offset or redraw. 

Brokers can help you choose from home loan products that may suit your needs, including special mortgage deals that are exclusive to brokers. A mortgage broker can even help you manage the home loan application paperwork, saving you time and hassle.

The information on this page was fact checked by Chris Brown, a broker in New South Wales specialising in home loans, car financing, debt consolidation, short-term finance, non-conforming finance, business finance, and asset financing. For more information on how brokers like this can assist you, look for a broker near you