Home loan and mortgage repayment calculator
Estimate your monthly, fortnightly or weekly repayment, plus the total interest you'll pay over the life of the loan.
How much are the repayments on a home loan?
This P&I calculator estimates principal-and-interest or interest-only repayments weekly, fortnightly or monthly. As at 27 August 2026, the lowest verified owner-occupier variable rate in Ratesniffers' 80% LVR snapshot is 5.93% p.a. (6.11% comparison rate, calculated on a $150,000 loan over 25 years). At that rate a $600,000 loan over 30 years, principal and interest, costs about $3,570 a month, and each extra 1% of rate adds about $393 a month.
Home loan repayment calculator with extra repayments
This page estimates the scheduled repayment only. For a home loan repayment calculator with extra repayments, or a mortgage extra repayment calculator, open the extra repayments calculator. It keeps the same loan amount, rate and term, then adds extra weekly, fortnightly or monthly payments or a lump sum. That is the page to schedule an extra payment in the model and to read fixed-loan allowance, cap and break-cost notes.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.
How this is calculated
For Principal & Interest the standard amortising formula is used: M = P · r · (1+r)^n / ((1+r)^n − 1). For Interest-only, you only pay interest each period. This estimate assumes interest-only payments for the full entered term and includes repayment of the original principal at the end in total paid. It does not model a later switch to principal-and-interest repayments.
Fortnightly and weekly figures are the monthly amount × 12 ÷ 26 (or 52). Splitting the same annual total into these equivalent amounts does not add an extra repayment, so the estimated total interest stays the same. Actual lender calculations can differ.
Want a real number, not a ballpark?
These figures are estimates. A 30-min broker consult will run your specific scenario against the actual lender policies, no fees, no obligation.
Important: This calculator provides an estimate only and does not constitute credit advice. Actual rates, repayments, fees and approval are subject to lender policy and your individual circumstances. Comparison rates are based on a $150,000 loan over 25 years on a secured basis, see footer for the full disclaimer.
Mortgage repayments on $400,000 to $1,000,000 loans
Monthly principal-and-interest repayments and fortnightly equivalents over 30 years at the lowest verified owner-occupier variable rate in Ratesniffers' 80% LVR snapshot, 5.93% p.a. (6.11% comparison rate, calculated on a $150,000 loan over 25 years), as at 27 August 2026. The comparison rate sits in every row because the headline rate alone does not show the fees.
| Loan amount | Monthly | Fortnightly equivalent | Interest rate | Comparison rate* |
|---|---|---|---|---|
| $400,000 | $2,380 | $1,099 | 5.93% p.a. | 6.11% |
| $500,000 | $2,975 | $1,373 | 5.93% p.a. | 6.11% |
| $600,000 | $3,570 | $1,648 | 5.93% p.a. | 6.11% |
| $700,000 | $4,165 | $1,922 | 5.93% p.a. | 6.11% |
| $800,000 | $4,760 | $2,197 | 5.93% p.a. | 6.11% |
| $1,000,000 | $5,951 | $2,746 | 5.93% p.a. | 6.11% |
Principal and interest, 30-year term, at 5.93% p.a. as at 27 August 2026. *Comparison rate calculated on a $150,000 loan over 25 years. Fortnightly equivalent is monthly × 12 ÷ 26, matching the calculator. It preserves the annual total and does not model an accelerated repayment schedule.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.
Home loan repayment calculator with extra repayments
This page is the scheduled repayment calculator: monthly, fortnightly or weekly principal-and-interest or interest-only, without extra payments. If you searched for a home loan repayment calculator with extra repayments, or a mortgage extra repayment calculator, use the extra repayments calculator. It uses the same loan amount, rate and term, then adds extra weekly, fortnightly or monthly payments or a lump sum.
Weekly, fortnightly or monthly, which is best?
The calculator shows equivalent budgets: monthly × 12 ÷ 26 for fortnightly, or monthly × 12 ÷ 52 for weekly. These preserve the annual total, so the displayed total interest stays the same. Paying half the monthly amount every fortnight instead adds an extra monthly payment each year. That can shorten the loan, but the actual saving depends on your lender's interest calculation and extra-repayment conditions. Moneysmart explains extra repayments.
How can I lower my repayments?
A lower interest rate can reduce the repayment for the same balance and remaining term, but switching costs also matter. Extending the term can lower each payment while increasing total interest. To keep the scheduled repayment and pay the loan down faster, use the extra repayments calculator. Compare home loan rates Australia on the main table ranked by comparison rate, or use the refinance savings calculator to include switching costs in the comparison.
Mortgage repayment questions, answered
How are home loan repayments calculated?
Repayments use the standard amortising-loan formula: P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan balance, r is the periodic rate and n is the number of periods. The result is the level repayment that pays the loan off over the term you choose. Early repayments are mostly interest; later ones are mostly principal.
What is a P&I calculator?
A P&I calculator, or principal and interest calculator, estimates the level repayment that covers both interest and a slice of the loan balance each period. This page is that tool: enter the loan amount, rate, term and weekly, fortnightly or monthly frequency. Interest-only is a separate toggle. Extra payments are not included here; use the extra repayments calculator at /calculators/extra-repayment.
How do weekly, fortnightly and monthly home loan repayments differ?
Repayment frequency is how often you pay. This calculator converts a monthly P&I figure to a fortnightly equivalent by multiplying by 12 and dividing by 26, or a weekly equivalent by dividing the annual total by 52, so the annual total stays the same. Paying half the monthly amount every fortnight is different: that adds a thirteenth monthly payment each year and can reduce interest, subject to the lender's rules.
Is this a home loan repayment calculator with extra repayments?
No. This page estimates the scheduled weekly, fortnightly or monthly repayment only. For a home loan repayment calculator with extra repayments, or a mortgage extra repayment calculator, use the extra repayments calculator at /calculators/extra-repayment. It keeps the same loan amount, rate and term, then adds extra weekly, fortnightly or monthly payments or a lump sum. It does not change the scheduled repayment in the model.
What is a mortgage extra repayment calculator?
A mortgage extra repayment calculator keeps your scheduled principal-and-interest payment and then adds extra payments or a lump sum, so you can compare modelled interest and payoff time. Ratesniffers' extra repayments calculator at /calculators/extra-repayment does that. This page is the scheduled-payment tool only.
How do I work out repayments myself?
Convert the annual percentage rate to a decimal by dividing by 100, then divide by 12 for the monthly rate. Use that rate and the number of monthly payments in the amortising formula. This calculator converts the monthly result to a fortnightly equivalent by multiplying by 12 and dividing by 26, or a weekly equivalent by dividing the annual total by 52. Fees and changes in rates are not included.
What is the monthly interest on $1,000,000 in Australia?
Monthly interest is the balance multiplied by the annual rate, divided by 12. As at 27 August 2026, the lowest verified owner-occupier variable rate in Ratesniffers' 80% LVR snapshot is 5.93% p.a. (6.11% comparison rate, calculated on a $150,000 loan over 25 years). At that rate the first month's interest on $1,000,000 is about $4,942, and the full principal-and-interest repayment over 30 years is about $5,951 a month, so the balance of that first repayment goes to principal. The interest portion falls a little every month as the balance reduces.
What are current variable mortgage rates?
Variable rates move with lender pricing and the Reserve Bank cash rate, so a quoted figure only holds for the date it carries. As at 27 August 2026, the lowest verified owner-occupier variable rate in Ratesniffers' 80% LVR snapshot is 5.93% p.a. (6.11% comparison rate, calculated on a $150,000 loan over 25 years). Rates differ by purpose, repayment type and deposit size, so the variable rates table on Ratesniffers is the place to see the current range rather than a single number.
How can I compare an offered interest rate?
No single rate is good or bad on its own; it is only judged against what the market offers today for the same loan type. Check three things: the comparison rate on the same product, because fees can make a low headline rate cost more; where the rate sits in the live table for the same purpose, repayment type and deposit; and the date the rate was quoted. As at 27 August 2026, the lowest verified owner-occupier variable rate in Ratesniffers' 80% LVR snapshot is 5.93% p.a. (6.11% comparison rate, calculated on a $150,000 loan over 25 years). If a rate you hold or have been offered sits well above the verified range, that gap is the amount to negotiate on or refinance for.
How much are repayments on a $600,000 home loan?
For a $600,000 principal-and-interest loan over 30 years, the estimated monthly repayment is $3,570 at 5.93% p.a. (6.11% comparison rate, calculated on a $150,000 loan over 25 years), as at 27 August 2026, using the verified 80% LVR snapshot. This repayment estimate excludes fees and assumes the interest rate stays unchanged.
Why is the comparison rate higher than the headline rate?
The comparison rate folds in upfront and ongoing fees on a standardised $150,000 / 25-year loan, so the same headline rate can produce different comparison rates depending on the lender's fee structure. It is the fairer cost-of-borrowing metric and the figure Ratesniffers ranks on.
Is interest-only cheaper?
At the same interest rate, interest-only payments are lower during the interest-only period because they do not reduce principal. The balance remains to be repaid, and payments can rise when principal-and-interest repayments begin. Compare the actual rates, fees and remaining repayment term for each loan.
Do fortnightly repayments save interest?
Paying half the monthly amount every fortnight adds up to 13 monthly payments a year, which can reduce principal faster. That is different from this calculator's fortnightly equivalent, monthly × 12 ÷ 26, which preserves the annual payment total. Actual savings depend on payment timing, interest calculations and any restrictions on extra repayments.
How can I lower my mortgage repayments?
The biggest lever is the interest rate: refinancing to a sharper rate cuts the repayment immediately. Extending the loan term lowers the repayment but raises total interest. Switching to interest-only lowers the outgoing temporarily. An offset account does not cut the scheduled repayment but reduces the interest portion, so more goes to principal.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.
Related calculators and rate tables
- Borrowing power calculator: the maximum loan a given income supports under the 3% serviceability buffer.
- Income required calculator: the gross household income a target property price and deposit call for.
- Extra repayments calculator: the same repayment model with extra monthly payments or a lump sum.
- Interest rate vs comparison rate: why the comparison rate sits beside every worked example on this page.
- Compare current home loan rates: the live rate table behind the worked examples on this page.
- Refinance home loan rates: what a switch could cut from the repayments above.
- Guide to borrowing power: how lenders turn income, expenses and debts into a loan limit.
Next: see what a lower rate is worth on your loan with the refinance savings calculator, or get a fuller read on your loan with the Mortgage Health Score.