Mortgage repayment calculator
Work out weekly, fortnightly or monthly home loan repayments from the price, deposit, rate and term, with an interest-only option and the total interest.
Illustrative only. It assumes the rate stays the same for the whole term and leaves out fees, lenders mortgage insurance, offset accounts and extra repayments. Check the figures with your lender. This is not financial advice.
How this calculator works
Each repayment covers the interest charged since the last repayment, and the rest pays off the loan. The repayment is P × r ÷ (1 − (1 + r)−n), where P is the loan, r is the rate per repayment period (the yearly rate divided by 12, 26 or 52) and n is the number of repayments. With interest only, the repayment is just P × r, and the full loan is then repaid over the years that are left, so those later repayments are higher.
Worked example: a $850,000 home with a $170,000 deposit needs a loan of $680,000, an LVR of 80%. At 6% over 30 years the monthly repayment is about $4,076.94, and the total interest over the term is about $787,700. Paying fortnightly instead gives repayments of about $1,880.76, and the total interest falls slightly to about $787,000, because the balance is reduced a little earlier each month.
Using this page
Work out home loan repayments for any price, deposit, rate and term, paid monthly, fortnightly or weekly, and see how much interest the loan costs over its life.
Tips
- Try a rate one or two points higher than today's to see whether the repayment would still be comfortable.
- A larger deposit lowers both the repayment and the loan to value ratio, and below 80% most lenders do not charge lenders mortgage insurance.
- Fortnightly repayments of half the monthly amount (26 a year) pay a loan off faster than true fortnightly repayments, because they add up to one extra monthly repayment each year.
What the results mean
The loan amount is the price minus your deposit. The loan to value ratio (LVR) is the loan as a share of the price; above 80%, most lenders add lenders mortgage insurance, which protects the lender, not you. The repayment is the amount due each period for the rate and term you entered, and the total interest is what the loan costs over its life if the rate never changes.
With an interest-only period, early repayments cover only the interest, so the loan does not shrink. When that period ends, the whole loan has to be repaid over fewer years, so repayments jump.
Before you apply
Stamp duty, legal fees, building and pest inspections and moving costs come on top of the deposit. First home buyers may be eligible for state concessions or government schemes, which this calculator does not include. Compare the comparison rate, not just the headline rate, because it includes most fees.
Common questions
Is fortnightly better than monthly?
True fortnightly repayments save only a little interest. The bigger saving comes from paying half the monthly amount every fortnight, which works out to 13 monthly repayments a year. The fortnightly vs monthly repayment calculator shows the difference.
Sources and checks
You can cross-check results with:
Results can differ slightly from other tools because of rounding, fees and the assumptions each one makes.
Repayments use the standard loan formula. MoneySmart's mortgage calculator is a government tool you can compare with.
Figures last checked: 31 October 2026. Spotted a mistake? Tell us.