Mortgage calculator
Work out your home loan repayments, total interest and how much an offset account or extra repayments could save you.
Extra repayments and offset account
Example Replace with your own loan details. Rates change often, so check the rate you've been offered.
Year-by-year breakdown
How to use it
- Enter the loan amount, interest rate and term.
- Choose how often you repay and the loan type.
- Add extra repayments or an offset balance to see what you'd save.
Questions
How are mortgage repayments calculated?
Each repayment covers that period's interest first, and the rest reduces the loan. Early on most of the repayment is interest; by the end most of it is principal.
Is paying fortnightly better than monthly?
Paying half your monthly repayment every fortnight means 26 half-payments a year, which equals 13 monthly repayments instead of 12. That extra month each year can cut years off the loan.
How does an offset account work?
Money in an offset account is subtracted from your loan balance before interest is charged. $50,000 in offset on a $600,000 loan means you pay interest on $550,000, while the money stays available to you.
What is a comparison rate?
A rate that includes most fees and charges as well as the interest rate, so you can compare loans fairly. Lenders in Australia must show it next to advertised rates.
Is this financial advice?
No. It's a general estimate. Your lender's figures may differ because of fees, rate changes and how they calculate interest. Speak to your lender or a licensed adviser before deciding.