Mortgage Payment Calculator

Use our mortgage payment calculator to get an estimate of your regular loan repayments and total interest payable. Simply enter the details of your loan to get an instant result.

How does this home loan repayments calculator work?

This home loan repayment calculator uses the same basic formula that banks and financial institutions use to determine mortgage repayments. To use it, all you need to do is enter the basic details of your loan, including:

  • Loan Amount: The principal amount you are borrowing.
  • Interest Rate: The interest rate of the home loan.
  • Loan Term: How long you have to repay the loan (typically between 25-30 years).
  • Repayment Frequency: How often you need to make loan repayments (usually weekly, fortnightly, or monthly).
  • Loan Fee: Fees you need to pay during the life of the loan, such as account maintenance or servicing fees.

The loan balance chart gives you a visual breakdown of the difference between paying back the principal and interest on your home loan. Your results will give you an estimate of your monthly repayment, the total interest payable, and the total sum you need to pay back (principal and interest).

How accurate is this calculator?

This repayments calculator only provides an estimate and is based on a series of assumptions, including:

  • Upfront and end of loan fees are not taken into account, only ongoing fees.
  • The interest rate does not change during the loan term.
  • Interested is compounded based on the repayment frequency selected, while in practice, interest compounding frequency may not be the same as repayment frequency.
  • A year consists of 26 fortnights or 52 weeks, counted as 364 days.
  • No rounding takes place during calculation, while repayments are rounded to the nearest cent in practice.

Because every lender has their own policies, fees, and charges attached to their loans, a single calculator can't account for them all. Therefore, you should only use the results of this calculator as a guide to help you find an affordable home loan.

When to use this calculator

If you're seriously considering getting into the housing market, then this home loan repayments calculator is a great place to start researching what's affordable for you. If you have a rough idea of the loan amount you wish the borrow, you can easily use the calculator to see how different interest rates, fees, and charges affect the affordability of your monthly payments.

Applying for a home loan can be a long and complicated process, and you always face the risk of being rejected and having this reflected in your credit report. This is why you should do your research and only apply for a home loan you have a realistic chance of getting. This calculator is an excellent way to determine what amount you can afford to borrow and avoid applying for unsuitable home loans.

Using this loan repayment calculator, you can browse the property market more efficiently since you'll be able to rule out homes that don't fit your price range. This helps you to avoid the disappointment of becoming attached to a particular property before discovering you can't afford it.

Frequently Asked Questions

What are the repayments on a 500k mortgage?

Using our loan repayments calculator, a $500,000 mortgage with an interest rate of 3% over 30 years would have an estimated monthly repayment of $2,108.02. Depending on the interest rate, loan term, and any extra repayments, fees, and charges associated with your specific home loan, your monthly repayments could be higher or lower.

How are monthly repayments calculated?

For a home loan, monthly repayments are calculated by combining the total interest payable and the principal loan amount and then dividing it by the number of months in the loan term. If the loan has an interest-only period, then only the interest payable will be calculated for that time.

What's the monthly payment on a $400 000 mortgage?

Using our home loan repayments calculator, a $400,000 mortgage with an interest rate of 3% over 30 years would have an estimated monthly repayment of $1686.42. Depending on the specific details of your home loan, your monthly payment could be significantly higher or lower.

How can I pay my mortgage off in 5 years?

The average home loan is meant to last several decades (25 to 30 years), so paying yours off in just five years is no small feat. Borrowing a smaller amount, starting with a large deposit, purchasing an investment property, and increasing your repayment frequency are examples of ways you can pay off your mortgage faster.