Your repayment is the number that has to fit your life every month for decades. Move the loan amount, rate and term to see what changes — and watch the total interest, which is where the real money is.
Helps you work out: what your regular repayments will be, and what the loan really costs over its life.
Repayment
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Total interest
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Total cost of loan
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General advice warning
The results provided by this calculator are estimates only and should not be taken as personal financial advice. The calculations are based on the assumptions you have entered and do not take into account your personal objectives, financial situation or needs. Before making any financial decisions, we recommend you consult with a qualified financial adviser. Financial Elements PTY LTD (Corporate Credit Representative Number 499510) is an Authorised Corporate Credit Representative of BLSSA Pty Ltd (Australian Credit Licence 391237).
The regular payment answers "can I afford this?". The total interest answers "what is this actually costing me?". Both matter, and they often point in different directions.
Lenders and budgeting guides both watch the share of gross income going to the mortgage. Below roughly 30% you have room for a rate rise, a car repair and a life. That is the band worth aiming for, rather than borrowing to your maximum.
Plenty of Australian households sit here, particularly on a first purchase. It works, but it assumes your income holds and rates behave. Build the buffer in an offset or savings account before you settle, not after.
Stretching a loan from 25 years to 30 lowers the repayment and adds years of interest to the total. Shortening it does the reverse. If the longer term is what makes the purchase possible, take it — then pay extra when you can.
We use the standard amortising formula for a principal and interest loan: the balance, the annual rate divided by the number of payments a year, and the number of payments remaining. Each repayment covers the interest accrued for that period and puts the rest against the principal, so the interest share falls over time.
Interest is charged on what you still owe, and early on you owe almost the whole amount. In the first years most of each payment is interest and only a little reduces the balance. That reverses gradually, then quite quickly in the final third of the loan.
No. The figures cover principal and interest only. Application, settlement and ongoing account fees, lenders mortgage insurance, council rates, strata levies and building insurance all sit on top, and vary by lender, property and state.
The calculator assumes the rate you enter holds for the full term, which no variable loan does in practice. It is worth running your figures again a percentage point or two higher to see what a rate cycle would feel like against your budget.
More than most people expect, because anything extra comes straight off the principal and stops accruing interest immediately. The earlier in the loan you make them, the larger the effect.
We will show you which lenders read your income and your deposit most favourably, and what the repayment looks like on a real product rather than a round number.