Aussie Pay Calc

Mortgage Calculator

Calculate your home loan repayments and compare payment frequencies. See how much interest you'll pay over the life of your loan.

Loan Details

$
years
% p.a.

Repayment Summary

Monthly Repayment

$2,997.75

Total Repayments

$1,079,191

Total Interest

$579,191

Principal vs Interest

Principal: $500,000Interest: $579,191

Planning Your Property Purchase

Once you know your repayments, use our stamp duty calculator to estimate upfront government costs, or our borrowing power calculator to find out how much a lender might approve. If you are deciding between renting and buying, our rent vs buy comparison models the long-term financial outcome of each option.

Already have a mortgage? See how extra repayments can save you thousands in interest, or compare the return from investing in shares versus a mortgage offset.

Frequently Asked Questions

How are mortgage repayments calculated?
For principal and interest loans, repayments are calculated using an amortization formula that considers the loan amount, interest rate, and loan term. Each payment includes both interest on the remaining balance and a portion reducing the principal.
Is it better to pay fortnightly or monthly?
Fortnightly repayments can save you significant interest. By paying half your monthly repayment every two weeks, you effectively make 26 half-payments (13 full payments) per year instead of 12. This extra payment reduces your principal faster and shortens the loan term.
What is the difference between P&I and interest-only?
Principal and Interest (P&I) repayments pay down both the loan amount and interest, meaning you build equity over time. Interest-only payments only cover the interest — the loan balance stays the same. Interest-only periods are typically limited to 5 years.
What interest rate should I use?
Use the comparison rate from your lender rather than the advertised headline rate. The comparison rate includes fees and charges, giving a more accurate picture of the true cost. Check your loan agreement or contact your lender for the current rate.

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