It is important to understand the amount you will need to pay your lender before you apply for a home loan and ensure you can comfortably meet your repayments. This calculator can help you crunch the numbers. It is important to note this is an indication only and the repayments can vary depending on factors such as loan type (for example if it is a split loan) and whether you have fees or money in an offset account.
Your broker can factor these in and provide a more accurate figure.
How are my home loan repayments calculated?
Your loan repayments are calculated based on:
Your repayments are calculated based on you paying the loan off in full by the end of the loan term, including paying the agreed interest. The interest is calculated based on how much is owing on the loan. This means the lower the amount owing on the loan, the less interest will be charged.
What’s the difference between principal and interest repayments vs. interest-only?
When you pay principal and interest, it means you are paying down the loan amount as well as the interest charged on the loan. If you pay interest only, it means you only pay for the interest charged on the loan and the amount owing on the loan does not decrease.
How often should I make my loan repayments – weekly, fortnightly or monthly?
Generally, you get to choose whether you make your repayments weekly, fortnightly or monthly, depending on your lender. The choice can come down to your preference or to align with when you receive your salary. The choice does have an impact on the amount of interest you pay over the life of the loan.
This is because monthly repayments mean 12 payments a year, whereas fortnightly repayments mean 26 payments a year and weekly repayments mean 52 payments a year; this equates to 13 four-weekly payments (or “monthly” payments). This means you pay down your principal faster, which reduces the interest you pay.
Can I use this calculator for refinancing or investment loans?
This calculator can be used for any home loan – whether it is owner occupied or investment. You enter the loan amount, loan type, payment frequency, interest rate and loan term of the loan you are considering to get an understanding of what your repayments may be.
Find out how much you may be able to borrow to purchase property.
See how much your home loan repayments will be if you choose to split your loan between a fixed and variable rate.
Find out how much sooner you could pay off your loan and how much you might save in interest by using an offset calculator.
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With over 700 mortgage brokers throughout Australia, we’ve likely got someone just around the corner from you.
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Send an email to customercare@loanmarket.com.au to get in touch.
Our Customer Care team is available weekdays, 8:30 AM to 5:30 PM.
With over 650 mortgage brokers throughout Australia, we’ve likely got someone just around the corner from you.
Looking for a career change? We’re committed to working with you to achieve your goals.
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The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.
*Your broker may charge a fee to cover additional time required by their team. Any fees will be discussed with you in advance so you can make an informed decision before proceeding with your application.
