Mortgage repayment calculator

Understanding mortgage repayments is a key part of buying a home. It helps you decide a buying budget, and plan ahead by knowing how house loan repayments can impact your finances. Our advanced home loan repayment calculator also shows how extra repayments can help you pay off your home sooner – and pocket valuable savings on loan interest.

Home Loan Repayments

Your borrowing estimate

Recalculate borrowing power

Monthly income

Expenses

You may borrow up to

Value of property

Borrowing

Over

Interest Rate Use the lowest rate from Mortgage Choice's lender panel Input rate

Repayment options

Extra monthly repayments

Your monthly repayments
Total loan repayments:
Total interest charged:

There's a lot to consider when choosing the right loan.

The lowest interest rate from our lender panel is either standard variable or 3-year fixed for an owner-occupier. Rates and repayments are indicative and subject to change. The results from this calculator are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.

How to calculate mortgage repayments

To use our mortgage repayment calculator it helps to have four pieces of information handy:

The value of the home you’re planning to buy
How much you plan to borrow through your home loan
The likely loan interest rate. If you’re unsure about this, just select ‘the lowest rate from Mortgage Choice’s lender panel’, and
The loan term.

Now, you’re ready to go straight to our mortgage repayment calculator!

If you don’t have firm figures for any of the above, simply use your best estimates in our mortgage repayment calculator to get a general idea of your loan repayments.

Find out in minutes how much you can borrow and the costs involved with our free home loan quote!

Calculate now

How to calculate extra mortgage repayments

Our mortgage repayment calculator also lets you see the impact of paying a bit more off your home loan with extra repayments. It can cut time – and money – from your home loan.

Simply fill in the fields above and press calculate, then select '+ Extra Repayment' and enter a value to find out how it would affect your loan.

What will your home loan repayments be?

Our mortgage repayment calculator helps you work out how loan repayment frequencies will affect your home loan. Generally, the more frequent your home loan repayments, the less total interest you’ll pay over the life of your loan.

It's good to plan your repayments in line with your normal incomings and outgoings, so if you get paid monthly, it could be easier to make your home loan repayments monthly.

Our calculator also allows for you to calculate home loan repayments on different types of home loans, including principal and interest or interest only loans.

To work out the best home loan term, payment frequency and repayment type, contact your local mortgage broker to organise a consultation. Our experts can analyse your individual situation to find the right option for you.

Property Ownership

This guide outlines the essential steps to achieving property ownership, starting from the first appointment with a mortgage broker all the way to settlement.

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Tips for paying off your home loan, faster

Can't pay more? Pay more often

There are 12 months in a year, but did you realise there are 26 fortnights? If you divide your monthly loan repayment in two and make payments every fortnight, you'll make the equivalent of 13 monthly repayments every year - that's an extra month's repayment without feeling the pinch.
Make extra repayments

Even small amounts can make a major difference. If you buy two cups of coffee a day and you cut that down to just one, you could be saving around $15 a week that you could put towards your mortgage.
Add windfalls to the home loan

Lump sum payments like an end of year salary bonus or your annual tax refund can make a surprising impact on your loan. Make it an annual habit for even bigger savings.
Get a mortgage with an offset account

With these loans, all of your salary goes into a transaction account that is linked to your mortgage. Every dollar you keep in this account is offset against your loan, working to reduce the balance on which interest is calculated as you only pay interest on the difference between your home and loan and your savings. Used carefully, this can get you thousands of dollars ahead on your repayments.
Use redraws wisely

A redraw lets you take out any extra payments you've tipped into your home loan. It can be a handy feature but use it sparingly. Dipping into your loan too often will reduce the interest savings made by the extra repayments, and you may also be charged a fee for each redraw.
Give your home loan an annual health check

In a competitive market, it pays not to be complacent about your home loan. Mortgages are constantly evolving, and an annual check up with the help of your mortgage broker can show if your is still the right option for you.

Compare and save on your mortgage

See the latest rates from over 35 lenders, including the big four banks. Our online comparison tool lets you compare the rates and features of thousands of loans to find the one that's right for you~.

Compare home loans

The results from these calculators are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.

Disclaimer - Borrowing power: The borrowing amount is a guide only. Loan repayments are based on the lowest interest rate (either standard variable or 3-year fixed rate, owner occupier) from our lender panel over a repayment period of 30 years. Rates and repayments are indicative only and subject to change. The results from this calculator are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.

Disclaimer - Loan Repayments: The lowest interest rate from our lender panel is either standard variable or 3-year fixed for an owner-occupier. Rates and repayments are indicative only and subject to change. The results from this calculator are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.