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Mortgage repayment calculator
Estimate your monthly, fortnightly or weekly repayment, plus the total interest you'll pay over the life of the loan.
The amount you want to borrow.
Pre-filled with today's lowest variable: 5.89%.
Most owner-occupier loans run 25–30 years.
Your monthly repayment: $3,851
monthly repayment
$3,851
Equivalent monthly
$3,851
Total paid over term
$1,386,442
30 years at 5.89% (P&I)
Total interest
$736,442
The cost of borrowing over the full term.
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 and the principal stays at the loan amount until you switch back to P&I or repay it as a lump sum.
Fortnightly and weekly figures are the monthly amount × 12 ÷ 26 (or 52). Splitting payments across more frequent periods can shave years off the loan term, many lenders credit the extra annualised payment against principal sooner.
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.
How much are home loan repayments in Australia?
As of 29 July 2026, at today's lowest variable owner-occupier rate of 5.89% p.a. that Ratesniffers tracks, monthly principal-and-interest repayments over 30 years work out as below. Every extra 1% of rate adds roughly $350 to $400 a month on a $600,000 loan, which is why the rate you pay matters more than almost any other choice.
| Loan amount | Monthly (at 5.89%) | Fortnightly |
|---|---|---|
| $400,000 | $2,370 | $1,185 |
| $500,000 | $2,962 | $1,481 |
| $600,000 | $3,555 | $1,777 |
| $700,000 | $4,147 | $2,074 |
| $800,000 | $4,740 | $2,370 |
| $1,000,000 | $5,925 | $2,962 |
Principal and interest, 30-year term, at 5.89% p.a., correct as of 29 July 2026. Fortnightly figure is half the monthly repayment, which repays the loan faster than a straight monthly schedule.
Weekly, fortnightly or monthly, which is best?
Monthly is the default. Paying fortnightly saves real interest only if you pay exactly half the monthly amount every fortnight: 26 fortnightly payments then equal 13 monthly payments a year, one extra month of principal, which can cut 4 to 5 years off a 30-year loan. Weekly works the same way if you pay a quarter of the monthly amount each week. Splitting the same annual total across more payments with no extra principal saves nothing.
How can I lower my repayments?
The fastest lever is the rate. Refinancing a $600,000 loan from 6.5% to 6.0% cuts the monthly repayment by roughly $200 and saves tens of thousands over the term. Extending the term lowers the repayment but raises total interest; an offset account leaves the scheduled repayment unchanged but sends more of it to principal. Compare today's cheapest rates or estimate the switch with the refinance savings calculator.
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.
How much are repayments on a $600,000 home loan?
On a $600,000 loan over 30 years, principal and interest, each 1% of interest rate adds roughly $350 to $400 to the monthly repayment. At 6% p.a. the repayment is about $3,600 a month; at 6.5% about $3,800. Use the calculator above with today's live rate for an exact figure.
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?
The monthly outgoing is lower because you are not repaying principal, but the rate itself is usually 0.20 to 0.50% higher than the equivalent P&I product, and you still owe the full principal at the end of the interest-only period. It is commonly used for investment loans, not owner-occupier.
Do fortnightly repayments save interest?
Only if your fortnightly amount is set to half the calculated monthly amount (rather than monthly × 12 ÷ 26). That way you make 26 fortnightly payments, equivalent to 13 monthly payments a year, and shave roughly 4 to 5 years off a 30-year loan.
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.
Next: check how much you could borrow with the borrowing power calculator, or see what a lower rate is worth on your loan with the refinance savings calculator.