Loan Repayments Calculator

Home Loan Repayments Calculator

It is always a good idea to plan for your home loan repayments and ensure that you can comfortably make them. Find out what your minimum weekly, monthly and fortnightly repayments will be for any borrowed amount.

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Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan.

Looking to pay your home loan off faster?

For a free confidential assessment of which mortgage management strategy will help you pay off your mortgage faster and is suitable for your unique situation, talk to an experienced mortgage broker. Simply email the form below or call us on 13 LOAN (or +61 2 9249 3739) and we will contact you within 2 business hours

Top 5 tips for paying your home loan off faster

Tip 1: Get a home loan with a flexible payment structure

Before you sign on your home loan, find out if you can make increased regular payments and lump sum repayments without incurring a penalty. Also be aware that these extra features will incur additional costs, get a good mortgage broker to weigh up the pros and cons on your behalf.

Tip 2: Make extra repayments as early as possible

Most people don’t realise that the majority of the payments made at the beginning of a home loan actually go towards paying off interest and not reducing the principal. Therefore any extra payments that you make from the very beginning go towards reducing your principal and minimising interest payments down the track.

Tip 3: Make your first mortgage payment on settlement date

This is yet another excellent example of how making early payments can reduce your principal and future interest repayments.

Tip 4: Make more frequent repayments

Where interest is calculated on a daily basis, making payments on a more frequent basis whether fortnightly or weekly serves to cut down on your interest payments

This means that you’ll be making 13 monthly repayments each year, thereby reducing the principal and term of your loan.

Tip 5: Paying income directly into your home loan

As interest is calculated daily, getting your salary direct to your home loan account effectively reduces the principal you owe from the moment your salary is in the account, this is in turn reduces the interest.

Calculator Assumptions

Length of Month

All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days’ interest dependent on the number of days in the particular month.

Number of Weeks & Fortnights in a Year

One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.

Rounding of Amount of Each Repayment

In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts.

More information or help

For confidential assistance with your home loan or to talk to your local mortgage broker, call us at any time on 13 LOAN or call our direct line on +61 2 9249 3739.