Mortgage Repayment Calculator
Work out your home loan repayments per week, fortnight or month, plus total interest over the life of the loan.
- Total interest paid
- $722,933
- Total amount repaid
- $1,322,933
This calculator provides estimates only. It is general information, not financial or taxation advice, and doesn't account for your full personal circumstances. Confirm figures with your lender or a licensed adviser before making a decision.
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How this calculator works
A mortgage repayment calculator estimates what you'll pay a lender each week, fortnight or month to pay off your home loan over its term. It uses the standard amortising-loan formula: each repayment is split between interest (calculated on your remaining balance) and principal, with the interest portion shrinking and the principal portion growing over the life of the loan — even though the repayment amount itself stays flat for the whole term at a fixed rate.
To use it, enter your loan amount (how much you're borrowing, not the property price), your interest rate as an annual percentage, the loan term in years, and how often you want to repay. Most Australian home loans default to monthly repayments, but paying weekly or fortnightly can shave years off a loan and save a meaningful amount of interest, because you're chipping away at the balance more often.
Worked example: borrow $600,000 at 6.20% p.a. over 30 years with monthly repayments, and you'll repay $3,674.81 a month. Over the full term that's $1,322,931.60 repaid in total, of which $722,931.60 is interest — more than the amount you originally borrowed. Shortening the term, paying more often, or making extra repayments (see our extra repayments calculator) all reduce that interest bill.
This calculator uses your actual inputs — there's no built-in interest rate, so it works for any lender, any loan size, and any state in Australia.
Frequently asked questions
- Is this my exact repayment amount from my bank?
- It's a close estimate based on the standard amortising-loan formula. Your actual repayment may differ slightly due to lender fees, rounding conventions, or how your specific lender calculates interest (e.g. daily vs monthly accrual).
- Does this include extra repayments or an offset account?
- No — this calculator shows the standard scheduled repayment only. Use our extra repayments and offset calculators to see how paying more or holding savings in an offset account changes your interest and loan term.
- Why does paying weekly or fortnightly save interest?
- Paying more frequently reduces your average outstanding balance faster, so less interest accrues over the year compared with monthly repayments, even though the total dollar amount repaid per year is similar.