Use our free home loan repayment calculator to estimate your monthly and fortnightly repayments, see the total interest you’ll pay over the life of the loan, and view a full year-by-year breakdown of how your balance reduces. Works for principal and interest loans, interest only loans, and any loan term from 10 to 30 years.
Results are indicative only. Your actual repayments will depend on your lender, loan structure, and whether rates change during the term. For a personalised comparison across more than 50 lenders, book a free assessment with Stanford Financial.
Estimate your monthly and fortnightly repayments, total interest, and how your loan balance reduces over time.
| Year | Repayments | Principal | Interest | Balance |
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Book a Free AssessmentYour repayment amount is determined by three things: your loan amount, your interest rate, and your loan term. Change any one of these and your repayments change. Here is how each factor works in practice.
Your loan amount is your property price minus your deposit. A $700,000 purchase with a $140,000 deposit (20%) gives you a $560,000 loan. The larger your deposit, the smaller your loan — and the less interest you pay overall. First home buyers who qualify for the First Home Guarantee can enter the market with just a 5% deposit and no Lenders Mortgage Insurance, which means a larger loan amount but with no LMI cost added.
The interest rate is the single biggest driver of your repayment amount and total interest paid over the life of the loan. Even a 0.5% difference in rate on a $600,000 loan over 30 years amounts to roughly $60,000 in additional interest. This is why comparing lenders matters — and why a mortgage broker with access to 50-plus lenders can make a material difference to your outcome.
At 6.0% on a $600,000 loan over 30 years, your monthly repayment is approximately $3,597 and total interest is $694,720. At 6.5%, the monthly repayment rises to $3,792 and total interest increases to $765,120 – a difference of $70,400 over the loan term.
A longer loan term reduces your monthly repayment but significantly increases the total interest you pay. A 30-year term has lower repayments than a 25-year term on the same loan, but the extra five years of interest adds up substantially. Many borrowers choose a 30-year term for cash flow flexibility but make extra repayments to reduce the balance faster — see our extra repayments calculator to model this.
With a principal and interest loan, each repayment reduces your loan balance. Over time the interest component shrinks and the principal component grows. You are building equity with every payment.
With an interest only loan, your repayments cover the interest charge but your loan balance does not reduce. Once the interest only period ends — typically one to five years — the loan converts to principal and interest, and your repayments increase, often significantly, because you now need to repay the same principal over a shorter remaining term. Interest only loans are common for investment properties where tax deductibility of interest payments is a consideration.
The following table shows indicative monthly and fortnightly repayments at 6.5% p.a. over 30 years across common loan amounts in the Queensland market. All figures are principal and interest, indicative only.
| Loan Amount | Monthly (6.5% / 30yr) | Fortnightly | Total Interest |
| $400,000 | $2,528/mo | $1,264/fn | $510,177 total interest |
| $500,000 | $3,160/mo | $1,580/fn | $637,721 total interest |
| $600,000 | $3,792/mo | $1,896/fn | $765,265 total interest |
| $700,000 | $4,424/mo | $2,212/fn | $892,809 total interest |
| $800,000 | $5,056/mo | $2,528/fn | $1,020,354 total interest |
| $1,000,000 | $6,320/mo | $3,160/fn | $1,275,443 total interest |
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Figures based on 6.50% p.a., 30-year principal and interest loan. Actual repayments vary by lender, rate type, fees, and offset account usage. Use the calculator above to model your specific scenario.
Switching from monthly to fortnightly repayments is one of the simplest ways to reduce the total interest you pay on your home loan. It works because of the way fortnightly repayments are calculated.
There are 26 fortnights in a year but only 12 months. If your monthly repayment is $3,792, your total annual outlay is $45,504. A fortnightly repayment of half that — $1,896 — results in an annual outlay of $49,296, because you make 26 payments rather than 24 half-months. That extra $3,792 per year goes directly to reducing your principal, which reduces the interest charged the following month.
On a $600,000 loan at 6.5% over 30 years, switching from monthly to fortnightly repayments can reduce the loan term by approximately 4 to 5 years and save over $70,000 in total interest. The calculator above shows both figures side by side.
An offset account is a transaction account linked to your home loan. The balance in the offset account is subtracted from your loan balance before interest is calculated each day. If your loan balance is $600,000 and you have $50,000 in your offset account, interest is charged on $550,000.
Your repayment amount stays the same, but a larger portion of each payment reduces principal rather than servicing interest. The practical effect is a shorter loan term and substantial interest savings over time. Our offset account calculator models the exact impact based on your balance.
If you have a variable rate home loan, your repayments will change whenever your lender adjusts their rate — typically following movements in the RBA cash rate. A rate rise increases your monthly repayment; a rate cut reduces it.
Fixed rate loans protect you from rate rises for the fixed period, but you lose flexibility — making extra repayments is usually limited or penalised, and exiting a fixed loan early can incur break costs. Many borrowers split their loan between fixed and variable to balance certainty with flexibility. Use our borrowing power calculator to see how different rates affect your capacity.
The calculator uses standard mortgage mathematics to produce indicative figures. It does not account for lender-specific fees, offset account balances, rate changes during the loan term, or redraw activity. Use it as a starting point for planning, not as a definitive quote. Your Stanford Financial broker can produce an accurate repayment figure based on the actual lender and product you are applying for.
Fortnightly repayments are calculated as half your monthly repayment amount. Because there are 26 fortnights in a year rather than 24 half-months, you effectively make one extra monthly repayment per year. This additional principal reduction shortens your loan term and reduces total interest paid. The calculator shows all three frequencies – monthly, fortnightly, and weekly – side by side.
The yearly breakdown (accessible by clicking ‘View yearly loan breakdown’ in the calculator) shows for each year of your loan: total repayments made, the portion that reduced your principal, the interest charged, and your remaining balance at year end. It is useful for understanding how equity builds over time and how much of each repayment goes to interest in the early years.
Yes. The calculator works for any home loan – owner-occupied or investment, new purchase or refinance. For investment loans with interest only repayments, select the Interest Only option and set your IO period. The calculator will show your IO repayments followed by the higher principal and interest repayments once the IO period ends.
Construction loans work differently to standard home loans — funds are drawn in stages as building progresses, and you pay interest only on the drawn balance during construction. The repayment structure is more complex than this calculator models. Our construction loans page explains how construction loan repayments work, and a broker can give you an accurate repayment projection for your specific build.
Yes. Enter your remaining loan balance as the loan amount, set the deposit to zero (or your current equity if you want to model a cash-out refinance), enter the new rate and term, and calculate. To compare your current loan against a new rate, our refinance savings calculator is better suited – it shows the monthly saving and break-even point after switching costs.
The calculator shows you what repayments look like at a given rate. What it cannot show you is the rate you’ll actually qualify for — or which of the 50-plus lenders on our panel is most likely to offer the most competitive rate for your specific profile.
A 0.5% difference in rate on a $600,000 loan saves more than $70,000 over 30 years. That is not a rounding error. It is the difference between the rate your current bank gives you because you’ve never asked for better — and the rate a broker negotiates across a competitive lender panel.
Ready to find out what rate you can actually get? Book your free assessment today — call us on 0483 980 002 or contact us online.
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