Mortgage Repayment Calculator
Calculate your principal and interest repayments for any loan amount, interest rate and term. See your total repayments and total interest paid over the life of the loan.
Mortgage Repayment Calculator
Estimate your repayments for any loan amount, rate and term.
Monthly Repayment
$2,997.75
| Loan Amount | $500,000.00 |
| Interest Rate | 6.00% p.a. |
| Loan Term | 30 years |
| Repayment Frequency | Monthly |
| Total Repayments | $1,079,190.95 |
| Total Interest Paid | $579,190.95 |
This calculator provides an estimate for principal and interest repayments only. It does not account for fees, redraw activity, rate changes, or other loan features. Verify with your lender before making financial decisions.
How the Calculator Works
Standard Amortisation Formula
The calculator uses the standard P&I amortisation formula, adjusting the rate per period based on your chosen repayment frequency (monthly, fortnightly, or weekly).
Frequency Adjustment
Fortnightly and weekly repayments are calculated by dividing the annual rate by 26 or 52 periods, resulting in slightly different repayment amounts than a simple monthly-divided-by-frequency approach.
Total Interest Shown
Total interest is the difference between total repayments over the full term and the original loan amount. It shows the true cost of borrowing over the life of the loan.
Why Fortnightly Repayments Save Money
Paying fortnightly (26 payments per year) rather than monthly (12 payments per year) means you effectively make 13 monthly payments per year instead of 12. On a $500,000 loan at 6% over 30 years, this can save over $60,000 in interest and cut years off your loan term.
| Frequency | Payments/Year | Annual Total Paid |
|---|---|---|
| Monthly | 12 | $35,974 |
| Fortnightly | 26 | $37,070 (saves years) |
| Weekly | 52 | $37,122 (saves years) |
Example based on $500,000 loan at 6.00% p.a. over 30 years. Exact figures will vary.
