Calculator
What will my repayments be?
Work out the repayment on a given loan amount, rate and term — and see how much of the interest bill extra repayments would take off.
Work out the repayment on a given loan amount, rate and term — and see how much of the interest bill extra repayments would take off.
Enter your loan amount, interest rate and term. Add an extra repayment amount to see the effect on total interest and the life of the loan.
This calculator provides an estimate only, based on the figures you enter and a constant interest rate. It does not include fees, charges or rate changes, and it is not an offer of credit. Your actual repayments will be set out in your loan contract.
We’ll compare actual rates, fees and structures against your situation — offset, fixed, split — not just the headline number.
Because interest is charged on the outstanding balance, every dollar paid above the minimum reduces the balance that future interest is calculated on. The effect is modest month to month and substantial over a full term — and it is front-loaded, so extra repayments made in the early years do considerably more work than the same amount made later.
Interest-only repayments are lower during the interest-only period because you are not reducing the balance. When that period ends, the same principal has to be repaid over a shorter remaining term, so repayments step up — sometimes sharply. Interest-only can make sense for investors or for a defined period of reduced income, but the total interest paid over the life of the loan is higher.
Money held in an offset account reduces the balance interest is charged on, much like an extra repayment — but it stays accessible. For borrowers who want the interest saving without locking the money away, an offset is often the better structure. Redraw achieves something similar but with different access rules and, for investors, different tax consequences.
Switching from monthly to fortnightly is often promoted as a saving. The real effect comes from how the fortnightly amount is calculated: if it is half the monthly repayment, you make the equivalent of thirteen monthly payments a year rather than twelve. The saving comes from paying more, not from the frequency itself.
Rather than testing only the current rate, run the calculator again at a rate one to two percentage points higher. If that repayment would be uncomfortable, the loan may be larger than it should be — which is the same logic lenders apply when they assess you.
The interest saving is broadly similar. The difference is access and structure: offset funds stay available to you, while extra repayments are only accessible through redraw. For investment loans the distinction can also affect the deductibility of interest, so it is worth getting advice specific to your situation.
No. It models principal and interest on the figures you enter. Establishment fees, ongoing account fees, package fees and lenders mortgage insurance are not included, and they can meaningfully change the true cost of a loan. Comparison rates exist to capture some of this.
On a variable loan, the lender will normally either increase your repayment or extend the term. Most increase the repayment. Running the calculator at a higher rate is the simplest way to see what that would look like before it happens.
Usually only up to a capped amount each year, and exceeding the cap can trigger break costs. Fixed rate loans also frequently exclude offset accounts. If making extra repayments is a priority, that should shape the fixed-versus-variable decision rather than the other way around.
A shorter term costs less in total interest but commits you to a higher minimum repayment. A common middle path is a longer term with voluntary extra repayments, which gives you the saving while keeping the required repayment low if circumstances change.
An indicative borrowing capacity, plus what lenders actually assess behind the number.
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