Home Loan Repayment Calculator
Our mortgage repayment calculator can help you work out what your home loan repayments might look like, including the impact of extra repayments or a different deposit.
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In less than five minutes, find out what indicative interest rateˇ you might be eligible for.
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Our calculators are here to help you along your home buying journey. From working out stamp duty to helping reach those savings targets.
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What other home buyers are asking about
home loan repayments
There's no point re-inventing the wheel. Here's what other savvy home buyers are frequently asking us. If you're still stuck for help, then why not check out all of our home loan FAQs.
Before submitting your application to a lender, it could be a good idea to work out what your home loan repayments might be – the Home Loan Repayment Calculator helps you to:
- Compare Principal & Interest repayments versus Interest Only repayments
- Find out how Fixed or Variable interest rates could affect your loan repayments
- Learn how weekly, fortnightly or monthly repayments could affect your loan
- See how making extra repayments may help you save interest in the long run.
Give it a try. Simply enter your chosen loan amount, loan term, interest rate and loan repayment type to understand what your mortgage repayments could look like based on the information you have provided.
When getting a home loan, there are generally two different repayment options: Principal and Interest, and Interest Only.
Principal and Interest: With each repayment, a portion goes toward reducing the outstanding loan balance (principal) while the remainder covers the interest charges. Over time the outstanding loan balance decreases and the borrower gradually builds equity as the loan is paid off.
Interest Only: Borrowers only pay the interest charges on the loan without reducing the outstanding loan balance (principal) which remains unchanged during the specified loan period, generally between 1 - 5 years' - very few lenders offer 10 years Interest Only especially for home loans.
Note: When the Interest Only repayment schedule ends, borrowers will need to make higher repayments to cover both principal and interest for the remainder of the loan term.. Note: When the Interest Only repayment schedule ends, borrowers will need to make higher repayments to cover both principal and interest for the remainder of the loan term.
By paying off your home loan faster, you could save yourself some interest. Here some ways how:
Changing your repayments.
- Additional repayments above and beyond the agreed amount with your lender could help you pay off your home loan faster.
- Instead of making 12 monthly payments, consider switching to a bi-weekly payment schedule. This way you’ll make 26 half-payments over the year – that’s equivalent to 13 full payments. This could help you pay off your home loan sooner.
Consider making a lump sum payment towards your home loan.
- If you receive any large sums of money – a bonus, a tax refund, or an inheritance for example – then consider using this to pay off your principal loan amount.
Note: Fees and charges apply if you pay out your loan. If you have a fixed interest rate home loan, there may be break fees that apply if you make additional repayments or payout your home loan during the fixed interest rate term. Find out what you need to know about home loan break fees.
Looking to reduce your monthly home loan repayments? Here are a few strategies to consider:
Extending your loan term: By stretching the loan term over a longer period (e.g. from 25 years to 30 years), you may lower your monthly repayments. While this could help to reduce your monthly outgoings, you’re likely to end up paying more in interest over the life of the loan.
Using an offset account: An offset account is linked to your mortgage. The funds held in this account are offset against your loan balance, which could decrease the amount of interest paid. The more money you maintain in your offset account, the less interest you could pay. Note, fees may apply to offset accounts.
Refinancing your home loan: This could be an option to secure a lower interest rate which could result in reduced monthly repayments.
We want you to enjoy your home without worrying about your mortgage repayments. One way that could help is to ensure that your repayments don’t take up too much of a chunk out of your income. According to Forbes, if you’re spending 30% or more of your income on mortgage repayments, then you are already in mortgage stress. Ideally, you’ll have enough remaining from your take-home pay to ensure that you have funds left for other important things like food, utility bills and your health. Of course, everyone’s situation is different, and these numbers are just a guide. If you need advice on managing your home loan, it might be a good idea to consult a licensed financial or tax advisor.
Important Information
Information provided is factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. All applications are subject to credit assessment, loan eligibility and lending limits. Terms, conditions, fees and charges apply. If you require financial or tax advice you should consult a licensed financial or tax adviser
*The results of the home loan repayment calculator are based on information you have provided in the calculator including a selected interest rate, loan term and loan amount and is to be used as a guide only. The interest rates do not reflect true interest rates and the formula used for the purpose of calculating estimated home loan repayments is based on the assumption that interest rates remain constant for the chosen loan term. The output of the calculator is subject to the assumptions in the calculator (see 'about this calculator') and subject to change. It does not constitute a quote, pre-qualification, approval for credit or an offer for credit and you should not enter commitments based on it. Your interest rate, repayments and interest payable will be different when you complete a full application and we capture all details relevant to our responsible lending assessment. The results of this calculator does not take into account loan setup or establishment or monthly administration fees nor government, statutory or lenders fees, which may be applicable from time to time. Calculator by Widget Works.
ˇ An indicative interest rate and estimated repayments are not a formal approval for a loan, so don’t enter any financial commitments based on it. They are a guide only, based on the basic information you provide and the credit score we obtain for the primary application and is not a suggestion or recommendation of any loan product.
