Use the calculator for home loan repayments
- Enter the loan amount, annual interest rate and term remaining.
- Choose principal-and-interest or interest-only, then a repayment frequency.
- For principal-and-interest loans, enter your offset balance, a regular extra repayment and how often you plan to make it.
- Compare total interest, time saved and the strategy table. Test a higher rate before deciding on an affordable repayment.
The interest rates you enter are assumptions, not current loan offers. Results assume a constant 100% offset balance and monthly interest, with no fees or future rate changes. Money added to or withdrawn from your offset changes the outcome. Compare any offset account fees or rate premium before choosing a loan. Actual lender interest calculations and rounding can differ.
Extra mortgage repayment example: $250 more each month
For an illustrative $600,000 loan over 30 years at a constant 6% p.a., the monthly principal-and-interest repayment is approximately $3,597.30. Paying an extra $250 each month increases the regular payment to about $3,847.30.
| Measure | No extra repayments | Extra $250 per month |
|---|---|---|
| Time to repay | 30 years | About 25 years 4 months |
| Total interest | About $695,031 | About $567,159 |
| Interest saved | — | About $127,872 |
This example assumes monthly interest, end-of-month repayments, no fees, no offset and no rate changes. The final repayment is smaller. Results are illustrative, not a forecast or a customer outcome. Use your own loan details in the calculator above.
Choose a repayment you can maintain
Keep money available for bills and unexpected costs before increasing repayments. Check extra-payment limits and whether you can access payments again through redraw. Read ASIC Moneysmart’s guidance on paying off your mortgage faster.
Compare an offset account strategy, review your home loan borrowing power, or ask a refinance mortgage broker to assess the rate and features of your existing loan.
Home loan repayment calculator questions
How are home loan repayments calculated?
The estimate uses your loan balance, annual interest rate and term. This calculator models monthly interest and payments. Weekly and fortnightly figures are annual-equivalent amounts, not a simulation of daily interest or a lender repayment quote.
How do extra repayments affect my mortgage?
For principal-and-interest loans, regular extra repayments reduce the balance sooner and may lower total interest and shorten the term. Check your lender’s limits and fees, particularly during a fixed-rate period.
Are fortnightly repayments always cheaper?
No. Dividing the annual repayment by 26 differs from paying half a monthly repayment every fortnight, which pays more over a year. This calculator uses annual-equivalent frequency amounts and converts regular extras to a monthly amount for modelling.
Does this calculator model an offset account?
Yes, for principal-and-interest loans. Enter a constant balance in a 100% offset account and compare offset alone, extra repayments alone, and both together. The normal repayment stays unchanged; interest is charged on the loan balance above the offset balance. The offset money remains separate and is not spent to clear the loan.
What does the interest-only result mean?
It estimates interest payments at the entered rate, with the principal still owing. It does not model a later switch to principal-and-interest repayments. Regular extra-payment savings are modelled only for principal-and-interest loans.
Discuss your repayment plan with Chris
Work through the rate, loan features and repayment flexibility behind your estimate. You can ask about extra repayments, offset accounts or whether a refinance review would be useful.
You do not need to send financial documents to request a call. Have your current balance, rate and remaining term ready for the conversation.
Prefer to choose a time? Book a free appointment or estimate refinancing savings.