Australian Home Loan Repayment Calculator
Estimate your home loan repayments monthly, fortnightly or weekly, see the total interest over the life of the loan and browse the repayment schedule. You enter the interest rate: none is assumed.
Calculated in your browser. Nothing you type is sent anywhere.
Enter the rate quoted by your lender. We do not assume one.
Optional. Goes straight to principal.
Enter the amount and your interest rate to see the payment.
Nothing is calculated until you give a rate. Use “Load an example” to see how the page works.
Indicative estimate, not financial or tax advice.
How the calculation works
This calculator assumes a principal-and-interest loan, where every repayment covers the interest for that period and pays down some of the loan. The repayment is the fixed amount that brings the balance to zero after the last payment: repayment = loan × r ÷ (1 − (1 + r)^−n), where r is the annual rate divided by the number of repayments a year and n is the total number of repayments.
You can pick monthly (12 a year), fortnightly (26) or weekly (52) repayments. The rate for each period is the annual rate divided by the number of periods, so a fortnightly repayment is calculated from its own 26-period schedule and is not simply half of a month’s. Real lenders accrue interest daily, so their figures can differ by a few dollars.
Add an extra repayment on top of the required amount and the calculator reruns the schedule: the loan ends earlier and the interest you save is shown. The yearly table and chart show how the share of each repayment going to interest falls as the balance shrinks.
Worked example
A $600,000 loan over 30 years at 6%. The rate is used only to illustrate the arithmetic. It is not a current market rate.
- Monthly repayment
- $3,597.30
- Fortnightly repayment
- $1,659.50
- Weekly repayment
- $829.58
- Total interest, monthly
- $695,031.35
- Total interest, fortnightly
- $694,405.72
Paying fortnightly or weekly costs a little less interest in total than paying monthly at the same rate, because the balance falls more often.
Short glossary
- Principal and interest
- A repayment type where each payment covers interest and also reduces the loan.
- Fortnightly
- Every two weeks, 26 payments a year.
- Offset account
- A savings account linked to a loan whose balance reduces the interest charged. Not modeled here.
- Loan term
- The number of years over which the loan is scheduled to be repaid.
- Comparison rate
- A rate that also reflects some fees. Enter your interest rate here, not the comparison rate.
What this calculator does not do
- No tax or rate tables are used: the loan amount and the rate are your inputs.
- The ASIC MoneySmart page could not be read, so alignment with its exact method is not verified.
- Principal-and-interest loans with a constant rate only. Interest-only periods, variable rates, offset accounts and fees are not modeled.
- Interest is applied per repayment period; lenders that accrue daily can differ slightly.