Mortgage Calculator Australia
Work out your monthly home loan repayment, total interest and full repayment schedule for an Australian mortgage.
Mortgage Calculator Australia
Work out your monthly home loan repayment, total interest and full repayment schedule.
| Period | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $3,597.30 | $3,000.00 | $597.30 | $599,402.70 |
| 2 | $3,597.30 | $2,997.01 | $600.29 | $598,802.41 |
| 3 | $3,597.30 | $2,994.01 | $603.29 | $598,199.12 |
| 4 | $3,597.30 | $2,991.00 | $606.31 | $597,592.81 |
| 5 | $3,597.30 | $2,987.96 | $609.34 | $596,983.47 |
| 6 | $3,597.30 | $2,984.92 | $612.39 | $596,371.08 |
| 7 | $3,597.30 | $2,981.86 | $615.45 | $595,755.64 |
| 8 | $3,597.30 | $2,978.78 | $618.52 | $595,137.11 |
| 9 | $3,597.30 | $2,975.69 | $621.62 | $594,515.49 |
| 10 | $3,597.30 | $2,972.58 | $624.73 | $593,890.77 |
| 11 | $3,597.30 | $2,969.45 | $627.85 | $593,262.92 |
| 12 | $3,597.30 | $2,966.31 | $630.99 | $592,631.93 |
• Estimates only. Actual repayments depend on your lender, fees, rate type and whether rates change. Not financial advice.
What is a Mortgage Calculator?
A mortgage calculator estimates your monthly home loan repayment based on the loan amount, interest rate and loan term. It also shows the total interest you will pay over the life of the loan and a repayment schedule breaking each payment into interest and principal.
How Mortgage Repayments are Calculated
Australian home loans are typically repaid monthly with interest compounded monthly. The calculator uses the standard amortisation formula: each payment covers the interest due on the remaining balance, with the rest reducing the principal. Early payments are mostly interest; later payments are mostly principal.
How Much Can You Afford to Borrow?
Lenders assess how much you can borrow using your income, expenses and the lending rate plus a serviceability buffer. As a guide, most lenders cap repayments at around 30–38% of gross income. Try different loan amounts and terms in the calculator to find a repayment that fits your budget.
Fixed vs Variable Home Loans
A fixed-rate loan keeps the interest rate (and repayment) locked for a period, usually 1–5 years. A variable-rate loan changes with the cash rate, so repayments can rise or fall. Many Australians split their loan between fixed and variable.
Frequently Asked Questions
How is the monthly mortgage repayment calculated?
Monthly repayment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate and n is the number of months. Each payment covers interest plus principal.
How much interest will I pay on a home loan?
Total interest = total payments − loan amount. A 30-year $600,000 loan at 6% has roughly $695,000 of interest. Shorter terms and extra repayments cut interest dramatically.
How much can I borrow in Australia?
Lenders generally cap repayments at 30–38% of gross income and apply a serviceability buffer above the current rate. Use the calculator to test amounts, then get pre-approval from a lender.
Does a longer loan term mean more interest?
Yes. Extending a 25-year loan to 30 years lowers the monthly repayment but increases total interest significantly.
Should I make extra repayments?
Extra repayments reduce the principal directly and can save tens of thousands in interest on a 30-year loan, as long as your loan has an offset or redraw facility with no penalty.
What fees are included in a mortgage?
Application fees, valuation fees, LMI (if deposit is under 20%) and ongoing fees. Stamp duty is separate and can be estimated with our stamp duty calculator.