Mortgage Loan Calculator
Enter your loan details to compare repayments, interest, and balance over time.
Use this free Australian mortgage calculator to estimate your repayments and see exactly how much interest you will pay over the life of your loan. Adjust the frequency — monthly, fortnightly, or weekly — to see how making more frequent repayments reduces your total interest and loan term.
Ready when you are
Add your loan details and tap Calculate to reveal the repayment schedule, balance curve, and payment breakdown.
Frequently Asked Questions
What is a good home loan interest rate in Australia in 2026?⌄
Competitive variable home loan rates in Australia typically range from 5.5% to 7% as of 2026. Fixed rates may differ. The best rate depends on your loan size, LVR, lender, and borrower profile. Always compare the comparison rate, which includes fees, not just the advertised rate.
Should I make fortnightly or monthly mortgage repayments?⌄
Fortnightly repayments result in 26 payments per year — equivalent to 13 monthly payments instead of 12. This extra payment per year reduces your principal faster, cutting your loan term by approximately 2–4 years on a 30-year loan and saving tens of thousands in interest.
What is the difference between principal & interest and interest-only repayments?⌄
Principal and interest (P&I) repayments pay down both the debt and the interest each period, progressively reducing your loan balance. Interest-only repayments cover only the interest charged, leaving the balance unchanged during the interest-only period. Interest-only periods are common in investment lending but result in higher total interest costs.
How much will I repay on a $600,000 mortgage?⌄
On a $600,000 mortgage at 6% interest over 30 years with monthly repayments, you would pay approximately $3,597/month. Total repayments would be around $1,294,920 — meaning roughly $694,920 in interest. Reducing the term to 25 years saves approximately $165,000 in total interest.
How does the loan term affect my total interest?⌄
A longer loan term reduces your monthly repayment but dramatically increases total interest paid. For example, a 30-year term at 6% on $500,000 costs about $579,000 in interest, while a 20-year term costs about $358,000 — saving over $220,000. Use the calculator above to model both scenarios.