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

What is a home loan calculator?

Also called a "mortgage calculator" or a "home loan deposit 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.

How to use a home loan calculator

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

  • How much you’d like to borrow
  • The interest rate you’d like to pay
  • Your preferred repayment type e.g. Principal and Interest or Interest Only
  • Your borrower type e.g. Owner Occupier or Investor
  • The loan term you’d like to take to pay off your debt

Using this information, we can calculate:

  • 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 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 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

Why should I use a mortgage calculator?

Using a mortgage calculator at a comparison site such as RateCity may help you estimate the costs and benefits of a wider variety of loan choices, and gain a deeper understanding of how a new home loan’s features can affect its overall value. 

Mortgage calculators, such as those found on RateCity, 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. 

Useful for anyone considering buying a home, a home loan calculator can be an ideal way to understand what your financial outlook will look like whether you've bought before, buying an investment property, or if you're a first home buyer, and want an outlook the repayment amount over the course of a loan's life, be it through monthly repayments or another term.

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 its own mortgage products, which can be handy if you’re looking at a specific home loan from a specific bank or lender. 

However, bank mortgage calculators may not always let you adjust the figures in your calculation (e.g. the interest rate, loan term etc.), preventing you from being able to see how each 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. 

On the other hand, 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 the loans you can apply for. This can help give you a better idea of which home loan features and benefits may affect each home loan’s final cost and value.

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

Much like home loans, mortgage calculators aren’t one-size-fits-all, and there are many options to choose from. 

If you’re starting out, you may want to use a borrowing power calculator, which will help you determine how much money you can expect to take out ahead of pre-approval. You can use this number to gauge how much you think you can afford, and apply that as you search for a home. 

A broker may be able to help maximise your borrowing power, but this is a solid first step to working out what you can spend. 

If you’re closer to buying, a Lender’s Mortgage Insurance calculator will help provide a gauge on how much LMI you might be up for on a property, while a Stamp Duty Calculator assists in understanding any stamp duty you may have to pay on a property.

If you're perhaps in the market to refinance rather than buy outright, you may want to consider a refinance calculator instead, as it may deliver a more useful outcome, working out what interest repayments look like from one loan, your current loan, and potentially switching to another.

After this, consider the calculator on this page, the standard Home Loan Calculator, which provides a more firm understanding of what you can expect to pay for a new home. Home loan calculators, such as RateCity’s mortgage calculator, provide a way of working out which loans match your needs and financial situation, ordered by variables that matter most to you. 

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.

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

How does a mortgage calculator work?

A mortgage calculator is an extremely helpful tool when planning to take out a home loan and working out the costs. Although each mortgage calculator you come across may be slightly different, most will help you estimate how much your repayments will be. The calculator will often also show you the difference in repayments if you repay weekly, monthly or fortnightly. 

To calculate these figures, you’ll be asked to enter a few details. These include the amount you plan to borrow, whether you’re an owner-occupier or an investor, the proposed interest rate and the home loan term. It will also often show you the total interest you’ll be charged and the total amount you’ll repay over the life of the loan.  

Understanding how the mortgage calculator works, helps you to use it to see how different loan amounts, interest rates and terms affect your repayments. This can then help you choose a home loan that you can repay comfortably and save on interest costs. The mortgage calculator lets you compare the benefits and costs of home loans from different lenders to help you make a more informed choice. Use a mortgage calculator to help identify which home loan is most suitable for your requirements and financial situation.

How can I calculate interest on my home loan?

You can calculate the total interest you will pay over the life of your loan by using a mortgage calculator. The calculator will estimate your repayments based on the amount you want to borrow, the interest rate, the length of your loan, whether you are an owner-occupier or an investor and whether you plan to pay ‘principal and interest’ or ‘interest-only’.

If you are buying a new home, the calculator will also help you work out how much you’ll need to pay in stamp duty and other related costs.

How do I calculate monthly mortgage repayments?

Work out your mortgage repayments using a home loan calculator that takes into account your deposit size, property value and interest rate. This is divided by the loan term you choose (for example, there are 360 months in a 30-year mortgage) to determine the monthly repayments over this time frame.

Over the course of your loan, your monthly repayment amount will be affected by changes to your interest rate, plus any circumstances where you opt to pay interest-only for a period of time, instead of principal and interest.

How much money can I borrow for a home loan?

Tip: You can use RateCity how much can I borrow calculator to get a quick answer.

How much money you can borrow for a home loan will depend on a number of factors including your employment status, your income (and your partner’s income if you are taking out a joint loan), the size of your deposit, your living expenses and any other debt you might hold, including credit cards. 

A good place to start is to work out how much you can afford to make in monthly repayments, factoring in a buffer of at least 2 – 3 per cent to allow for interest rate rises along the way. You’ll also need to factor in additional costs that come with purchasing a property such as stamp duty, legal fees, building inspections, strata or council fees.

If you are planning on renting the property, you can factor in the expected rental income to help offset the mortgage, but again it’s prudent to add a significant buffer to allow for rental management fees, maintenance costs and short periods of no rental income when tenants move out. It’s also wise to factor in changes in personal circumstances – the typical home loan lasts for around 30 years and a lot can happen between now and then.

How much are repayments on a $250K mortgage?

The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.

For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.

Do other comparison sites offer the same service?

Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

Why is it important to get the most up-to-date information?

The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.

We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.

Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.

How do I find out my current interest rate and how much is owing on my loan?

Your bank statements and/or your internet banking should show these details. If you are not sure, call your bank or estimate.

How does Real Time Ratings work?

Real Time RatingsTM looks at your individual home loan requirements and uses this information to rank every applicable home loan in our database out of five.

This score is based on two main factors – cost and flexibility.

Cost is calculated by looking at the interest rates and fees over the first five years of the loan.

Flexibility is based on whether a loan offers features such as an offset account, redraw facility and extra repayments.

Real Time RatingsTM also includes the following assumptions:

  • Costs are calculated on the current variable rate however they could change in the future.
  • Loans are assumed to be principal and interest
  • Fixed-rate loans with terms greater than five years are still assessed on a five-year basis, so 10-year fixed loans are assessed as being only five years’ long.
  • Break costs are not included.

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

Why was Real Time Ratings developed?

Real Time RatingsTM was developed to save people time and money. A home loan is one of the biggest financial decisions you will ever make – and one of the most complicated. Real Time RatingsTM is designed to help you find the right loan. Until now, there has been no place borrowers can benchmark the latest rates and offers when they hit the market. Rates change all the time now and new offers hit the market almost daily, we saw the need for a way to compare these new deals against the rest of the market and make a more informed decision.

Does Real Time Ratings' work for people who already have a home loan?

Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.

What's wrong with traditional ratings systems?

They’re impersonal 

Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years. 

You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others. 

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

They’re not always timely

In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year. 

The assumptions are out of date 

The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years. 

The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration.