Mortgage Repayment Calculator
Whether buying a home or refinancing, Mortgage House can help you save. To find out how much your repayments will be enter your details below and your calculated repayments will then display underneath the graph.
Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan.
* This mortgage calculator shows indicative repayments based on 12/26/52 equal repayments for monthly/fortnightly/weekly options.
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Is your repayment calculator easy to use?
What information does a loan repayment calculator give me?
Once you have entered the information into the loan repayment calculator as accurately as you can, the graph will give you a clear breakdown of how your repayments will be broken up over time. You will get an easy-to-understand picture of how much interest, and how much of the loan principal, you will pay, and when. If you want an interest-only loan, then the timing and amount of those repayments will also be made clear. One of the great things about our repayment calculator is you will get an indication of how much interest you will pay over the whole life of your loan. Last but not least, you will receive an indication of how much your overall repayments can be. It’s important to remember that the information you receive from repayment calculators is a guide only, and doesn’t include any fees, charges or extra repayment penalties some mortgages can include.
What difference do fortnightly mortgage repayments make?
The Mortgage House repayments calculator includes options to pay your mortgage back weekly, fortnightly or monthly. This will give you a picture of how much you could save over the life of your loan, by repaying it more regularly. Believe it or not, the frequency of your repayments can impact how much your regular repayments can be, how long it can take to pay off your loan, and how much you pay overall. Simply, if your repayments are fortnightly instead of monthly, you will pay off your loan sooner. It is simple math. As an example, if your monthly repayments are $1000, you would pay $12,000 a year in repayments. If you choose fortnightly repayments of $500 (half the monthly payment), you would repay $13,000 a year ($500 x 26 repayments). That means you would make an extra month’s payment each year. That can certainly add up over a 30-year loan. While you may think the difference in fortnightly versus monthly payments is minor, our repayment calculator can show you what kind of impact they can have. Paying off your mortgage sooner will lead to lower interest payments, possibly saving you money.
Can a repayment calculator be used for all different home loan options?
The short answer is yes. Repayment calculators are all about numbers. The information you get out relies solely on the data you put in. It doesn’t matter whether your mortgage has a fixed or variable rate. A fixed rate loan means your interest rate will be fixed, for an agreed period of time. Most banks and lenders offer fixed rate mortgages for between 1 and 10 years. With variable rate loans, your interest rate can rise or fall over the length of the loan. External factors such as the Reserve Bank’s setting of the official cash rate can influence whether variable rates change, as can internal factors such as the cost of financing your loan to the bank or lender. A repayment calculator can be a great resource for factoring in any variable rate changes. You can simply increase or decrease the interest rate tab above and watch the repayment amounts change. This can be helpful and can act as a handy guide going forward. You can work out, in broad terms, whether you feel the repayments may be too high for your budget if rates increase. But bear in mind though, depending on how far down the track rates change, you may have significantly less to repay. Repayment calculators can also identify the difference in payments between principal and interest loans, and interest-only loans.
What if I make extra repayments?
An important thing to remember about repayment calculators is they don’t necessarily take into consideration any extra payments you make over the life of your loan. While some mortgages penalise you for making extra payments, a lot of mortgages don’t. And finally, repayment calculators can also help you identify the difference in repayments over the period of any introductory interest rate offers. Some banks and lenders will have lower introductory interest rate offers, for a fixed period of time. At Mortgage House, our repayment calculator will split the repayment information up for you, to make things even easier to understand.