Mortgage Repayment Calculator

Mortgage repayment calculators estimate home loan repayments from the loan amount, interest rate, loan term, repayment frequency, and repayment type you enter. This calculator also lets you model fees, offsets, extra repayments, lump sums, and introductory rates so you can compare more complete scenarios.

Principal and interest repayments are generally calculated so each scheduled payment covers interest and reduces part of the loan balance over the selected term. The estimate changes when you adjust the interest rate, loan term, repayment frequency, fees, or loan features.

Start with the proposed loan amount, annual interest rate, loan term, repayment frequency, and whether repayments are principal and interest or interest only. Add known fees, offset savings, extra repayments, or lump sums if you want a more detailed estimate.

A calculator provides an estimate, while a lender may calculate interest daily and apply its own payment dates, rounding, fees, product rules, and offset treatment. Confirm your actual repayment, comparison rate, and total costs in the lender documents before making a decision.

Yes. You can compare up to nine scenarios side by side and change the loan amount, rate, term, frequency, fees, offsets, and additional repayments for each one. Scenario 1 is used as the baseline for estimated savings comparisons.

This calculator estimates the regular repayment, total interest, total fees, repayment term, and loan balance over time for each scenario. It can also show how an offset, extra repayment, or lump sum may affect the estimated cost and payoff date.

Your borrowing capacity depends on a lender assessment of income, living expenses, debts, dependants, deposit, credit history, interest-rate buffers, and lending policy. This repayment calculator can help you test whether estimated repayments fit your budget, but it does not provide loan approval or a borrowing-capacity decision.

The required deposit varies by lender, property, loan type, and your financial position. A 20% deposit can often help avoid lenders mortgage insurance, but some eligible borrowers may use a smaller deposit, a guarantor arrangement, or an Australian government home-buyer scheme.

Loan-to-value ratio, or LVR, is the loan amount divided by the lender-assessed property value, expressed as a percentage. A higher LVR can affect approval conditions, available interest rates, and whether lenders mortgage insurance is required.

Lenders mortgage insurance, commonly called LMI, generally protects the lender if a borrower cannot repay the loan and the property sale does not cover the debt. It is often associated with higher-LVR loans, but thresholds, premiums, and exemptions vary between lenders.

Home loan pre-approval is a lender indication of how much it may be prepared to lend, based on the information reviewed at that time. It is usually conditional, time-limited, and subject to final checks such as updated finances, property valuation, acceptable security, and full credit approval.

Principal and interest repayments reduce the amount borrowed while also paying interest. Interest-only repayments generally cover interest for a set period without reducing principal, so repayments can rise later and the total interest paid may be higher.

Extra repayments reduce the outstanding principal, which can reduce future interest and shorten the loan term. Check whether your lender limits extra repayments, especially during a fixed-rate period, and whether fees or break costs may apply.

An offset account is a transaction account linked to an eligible home loan. Its balance is offset against the loan balance when interest is calculated, so keeping money in the account may reduce interest without directly reducing the loan principal.

Money in an offset remains in a linked transaction account, while redraw is access to eligible extra repayments already paid into the loan. Fees, interest rates, withdrawal access, tax outcomes, and lender rules can differ, so compare the product conditions carefully.

A more frequent schedule may reduce interest or increase the amount repaid each year, depending on how the lender calculates each payment. Compare equivalent annual amounts, because simply dividing a monthly repayment can produce a different result from a lender-set weekly or fortnightly repayment.

A lump sum paid to the loan can reduce principal immediately, which may lower total interest and shorten the estimated term. The scheduled repayment may stay the same unless the lender agrees to recalculate it, and fixed loans may have payment limits or break costs.

A shorter term generally means higher regular repayments but less total interest, while a longer term can lower scheduled repayments but increase the long-term cost. Test both scenarios and retain a realistic buffer for rate rises, expenses, and changes in income.

A comparison rate combines the interest rate with certain fees and charges into one percentage for a prescribed loan amount and term. It can help compare products, but it may not include every cost or reflect your actual loan amount, term, features, or repayment pattern.

A fixed rate is set for an agreed period, which can make repayments more predictable, while a variable rate can move when the lender changes it. Fixed loans may restrict extra repayments or charge break costs, while variable loans often offer greater flexibility but less repayment certainty.

For a variable-rate principal and interest loan, a higher rate will usually increase the required repayment or extend the time needed to repay the balance. Use separate scenarios to test rate rises and falls, then confirm the lender calculation for your loan.

Check application, valuation, settlement, package, annual, monthly service, government, legal, discharge, switching, and fixed-rate break costs where relevant. Also consider lenders mortgage insurance and fees attached to features such as an offset account.

A mortgage discharge fee is an amount a lender may charge to prepare and process the release of its mortgage when a loan is repaid or refinanced. It is separate from possible government registration charges, solicitor or conveyancer costs, and fixed-rate break costs.

An introductory or fixed rate may apply only for a set period before the loan moves to another rate. Compare both phases, because the repayment and total interest can change when the initial period ends, and product restrictions or revert rates may apply.

Refinancing means replacing an existing home loan with a new loan, either from the same lender or a different lender. Borrowers may refinance for a different rate, repayment, loan term, feature, or debt structure, subject to approval and switching costs.

Refinancing may be worth comparing when a lower rate, lower fees, useful features, or a more suitable loan structure could outweigh the costs of switching. Consider the break-even period and whether extending the loan term would increase total interest despite a lower repayment.

Include discharge, application, valuation, settlement, legal, registration, package, and ongoing fees, plus any fixed-rate break cost or lenders mortgage insurance. Compare the total cost over the period you expect to keep the new loan, not only the advertised interest rate.

You can ask to refinance during a fixed-rate period, but the existing lender may charge a break cost and other exit-related fees. Request a current payout figure and written cost estimate before deciding whether the potential saving justifies switching early.

Enter your current balance, remaining term, rate, and fees as one scenario, then add the proposed loan as another scenario with all switching and ongoing costs. Compare repayments, total interest, fees, loan term, and the time needed to recover the refinancing costs.

Review the new comparison rate, fees, revert rate, offset or redraw rules, extra-repayment limits, loan term, approval conditions, and total cost. Check that the new structure suits your objectives and financial position, and obtain personalised guidance if you need it.