Mortgage Repayment Calculator
Estimate your repayments, total interest paid, and view a full yearly amortization schedule. Supports weekly, fortnightly, and monthly repayment frequencies.
Loan Details
Monthly Repayment
$3,160
30-year monthly repayments
Principal vs Interest Breakdown
This calculator provides estimates only and does not constitute financial advice. Actual repayments may vary. Always consult a financial professional.
Amortization Schedule
Yearly breakdown| Year | Opening Balance | Principal | Interest | Closing Balance |
|---|---|---|---|---|
| 1 | $500,000 | $5,589 | $32,335 | $494,411 |
| 2 | $494,411 | $5,963 | $31,961 | $488,448 |
| 3 | $488,448 | $6,362 | $31,562 | $482,086 |
| 4 | $482,086 | $6,788 | $31,136 | $475,298 |
| 5 | $475,298 | $7,243 | $30,681 | $468,055 |
| 6 | $468,055 | $7,728 | $30,196 | $460,327 |
| 7 | $460,327 | $8,246 | $29,678 | $452,081 |
| 8 | $452,081 | $8,798 | $29,126 | $443,283 |
| 9 | $443,283 | $9,387 | $28,537 | $433,896 |
| 10 | $433,896 | $10,016 | $27,908 | $423,881 |
| 11 | $423,881 | $10,686 | $27,238 | $413,194 |
| 12 | $413,194 | $11,402 | $26,522 | $401,792 |
Frequently Asked Questions
How is a mortgage repayment calculated?
For a principal and interest loan, repayments are calculated using the formula: P × (r(1+r)^n) / ((1+r)^n − 1), where P is the loan amount, r is the periodic interest rate, and n is the total number of payments. For interest-only loans, the repayment is simply the loan amount multiplied by the periodic interest rate.
What is the difference between fortnightly and monthly repayments?
Making fortnightly repayments results in 26 payments per year — the equivalent of 13 monthly payments. This extra payment each year reduces your principal faster, shortening the loan term and saving interest over the life of the loan.
What does an interest-only loan mean?
With an interest-only loan your repayments cover only the interest charged each period. The loan principal does not reduce during the interest-only period. These loans are common for investment properties but result in higher total repayments over the life of the loan.
How much deposit do I need for a home loan in Australia?
Most Australian lenders require a minimum 20% deposit to avoid Lenders Mortgage Insurance (LMI). Some lenders accept deposits as low as 5–10% with LMI. First home buyers may also be eligible for government schemes that reduce the required deposit.