Mortgage Repayment Calculator
Work out monthly, fortnightly, and weekly repayments for any Australian home loan.
Loan details
Monthly repayment
$4,045
Weekly
$934
Fortnightly
$1,867
Summary
Estimates only. Does not include LMI, fees, or government charges. Consult a mortgage broker for personalised advice.
How this calculator works
For a principal & interest loan, repayments are calculated using the standard amortisation formula: each payment covers the interest accrued that period plus a portion of the principal, so the loan is fully repaid over the chosen term. For an interest-only loan, the monthly repayment equals the outstanding balance multiplied by the monthly rate — the principal does not reduce during the interest-only period.
The Loan-to-Value Ratio (LVR) is the loan amount as a percentage of the purchase price. When LVR exceeds 80%, lenders typically require Lenders Mortgage Insurance (LMI), which can add several thousand dollars to upfront costs and is not included in this estimate.
Worked examples
Example 1: $640,000 loan, 6.5% p.a., 30-year P&I
Example 2: Same loan, interest-only for 5 years
Interest-only reduces short-term cash outflow but increases total cost significantly over the loan life.
Key assumptions
- • The interest rate is fixed for the full loan term. Most Australian mortgages are variable; your actual repayments will change when the RBA moves rates.
- • Repayments are calculated monthly. Fortnightly and weekly figures are derived by dividing the annual total by 26 and 52 respectively — making extra payments this way can shorten your loan term.
- • LMI, application fees, and government charges are not included. Budget an additional 1–2% of the purchase price for these costs.
- • Offset accounts and redraw facilities are not modelled here; these can significantly reduce interest paid.
Frequently asked questions
What LVR do I need to avoid LMI?
Most lenders require LMI when your LVR exceeds 80%, meaning you need at least a 20% deposit. Some lenders offer LMI-free loans for certain professions (e.g. doctors, lawyers) at higher LVRs.
How much does a 1% rate rise affect repayments?
On a $600,000 P&I loan over 30 years, a 1% rate increase (e.g. 6.5% → 7.5%) raises monthly repayments by approximately $380 per month — around $4,560 more per year.
Should I choose principal & interest or interest-only?
P&I reduces your debt with every payment and builds equity. Interest-only can suit investors in the short term (lower repayments = better cash flow), but you pay significantly more interest over the life of the loan and do not build equity during the I/O period.
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