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Australian Mortgage Repayment Calculator

See your weekly, fortnightly or monthly home loan repayment, how much interest you will pay over the loan and how much extra repayments save you.

$
$

20% deposit · 80% loan-to-value

%
years
More options· Principal and interest, Monthly
$

Added to every repayment

Monthly repayment

$3,796.07

$640,000 loan over 30 years

Total interest
$726,589
Total repaid
$1,366,589
What you pay over the loan
  • Amount borrowed$640,000
  • Interest$726,589

What this means

Over 30 years you’d pay $726,589 in interest, on top of the $640,000 you borrow, if the rate stayed the same.

Early on most of each repayment is interest, so overpaying a little each month cuts the total and the time it takes. Check for early repayment charges on fixed rates first.

Next step

Principal and interest paid each year
$45,556$22,778$0
136912151821242730
PrincipalInterest
Assumptions in this estimate
  • Assumes the same interest rate for the whole loan, with interest calculated each repayment period.
  • Lenders mortgage insurance (LMI), stamp duty and loan fees are not included.
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How your repayment is calculated

Each repayment covers the interest charged since your last repayment, and the rest reduces your loan. Early on, most of each repayment is interest; later, most of it pays down the loan. The chart shows how this changes year by year.

Extra repayments and offset accounts

Extra repayments reduce your balance straight away, so less interest is charged for the rest of the loan. An offset account has a similar effect: the money in it is subtracted from your balance when interest is worked out.

Other costs of buying

Stamp duty, lenders mortgage insurance (LMI), loan establishment fees and conveyancing are not included. Stamp duty depends on the state you buy in, and many states offer concessions for first home buyers: work it out with our stamp duty calculator.

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Frequently asked questions

Are fortnightly repayments better than monthly?

Paying fortnightly means 26 payments a year, and interest is charged on a lower balance more often. If you pay half your monthly repayment every fortnight, you make the equivalent of 13 monthly repayments a year and pay off the loan several years sooner.

How much is a $600,000 home loan a month?

Over 30 years at 5.9%, a $600,000 principal and interest loan costs about $3,559 a month, and you pay about $681,000 in interest over the life of the loan.

What is lenders mortgage insurance (LMI)?

LMI protects the lender if you borrow more than 80% of the property's value. It is a one-off cost, often added to the loan, that can be thousands of dollars. Some first home buyers avoid it through the Home Guarantee Scheme.

What is an interest-only home loan?

With interest only, you pay just the interest for a set period, usually up to five years, so repayments are lower. The loan balance doesn't go down, and repayments rise when the interest-only period ends.