Mortgage Repayment Calculator
Work out your home loan repayments, the total interest over the loan, and how much you could save by paying extra. Compare weekly, fortnightly and monthly repayments, and see what a rate rise would cost.
Result
Estimate- Repayment
- $4,196.85
- Total interest
- $810,867.32
- Total to repay
- $1,510,867.32
If the rate changes
Principal & interest over the full term, no extra repayments.
| Rate | Per month | Total interest |
|---|---|---|
| 6% (now) | $4,196.85 | $810,867.32 |
| 6.5% (+0.5%) | $4,424.48 | $892,811.42 |
| 7% (+1.0%) | $4,657.12 | $976,562.29 |
- Estimate using the standard loan formula. Your lender’s actual repayments may differ due to daily interest, calendar days, payment timing, rounding and fees.
Amortisation schedule (yearly)
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $8,596.08 | $41,766.16 | $691,403.92 |
| 2 | $17,722.35 | $83,002.14 | $682,277.65 |
| 3 | $27,411.51 | $123,675.22 | $672,588.49 |
| 4 | $37,698.27 | $163,750.70 | $662,301.73 |
| 5 | $48,619.50 | $203,191.72 | $651,380.50 |
| 6 | $60,214.33 | $241,959.14 | $639,785.67 |
| 7 | $72,524.30 | $280,011.41 | $627,475.70 |
| 8 | $85,593.52 | $317,304.43 | $614,406.48 |
| 9 | $99,468.82 | $353,791.37 | $600,531.18 |
| 10 | $114,199.93 | $389,422.52 | $585,800.07 |
| 11 | $129,839.61 | $424,145.08 | $570,160.39 |
| 12 | $146,443.91 | $457,903.02 | $553,556.09 |
| 13 | $164,072.34 | $490,636.84 | $535,927.66 |
| 14 | $182,788.04 | $522,283.38 | $517,211.96 |
| 15 | $202,658.09 | $552,775.57 | $497,341.91 |
| 16 | $223,753.68 | $582,042.23 | $476,246.32 |
| 17 | $246,150.40 | $610,007.75 | $453,849.60 |
| 18 | $269,928.50 | $636,591.90 | $430,071.50 |
| 19 | $295,173.18 | $661,709.46 | $404,826.82 |
| 20 | $321,974.90 | $685,269.99 | $378,025.10 |
| 21 | $350,429.69 | $707,177.44 | $349,570.31 |
| 22 | $380,639.50 | $727,329.87 | $319,360.50 |
| 23 | $412,712.60 | $745,619.02 | $287,287.40 |
| 24 | $446,763.89 | $761,929.97 | $253,236.11 |
| 25 | $482,915.39 | $776,140.71 | $217,084.61 |
| 26 | $521,296.64 | $788,121.71 | $178,703.36 |
| 27 | $562,045.15 | $797,735.44 | $137,954.85 |
| 28 | $605,306.95 | $804,835.88 | $94,693.05 |
| 29 | $651,237.04 | $809,268.04 | $48,762.96 |
| 30 | $700,000.00 | $810,867.32 | $0.00 |
How this is calculated
- Loan amount$700,000.00
- Periodic interest rate0.5000% per month
6% ÷ 12 monthly periods - Repayment (principal & interest)$4,196.85 / month
P · r / (1 − (1+r)^−n) - Total interest over the loan$810,867.32
- Total to repay$1,510,867.32
$700,000.00 + $810,867.32
Assumptions
- Loan of 700000 at 6% p.a. over 30 years, repaid monthly.
- Periodic rate = annual rate ÷ 12 (monthly periods per year).
- Principal and interest for the whole term.
- Rate assumed constant for the whole term unless you model a change.
Worked example
A $700,000 loan at 6% p.a. over 30 years, principal and interest, costs about $4,197 a month and roughly $811,000 in interest over the full term. Paying an extra $500 a month would save tens of thousands in interest and clear the loan years early — try it above.
Official sources
- ASIC Moneysmart — mortgage calculatorWork out your home loan repayments and total interest.
Frequently asked questions
What is the repayment on a $700,000 loan at 6%?
About $4,197 a month on a 30-year principal-and-interest loan at 6% p.a. — roughly $810,000 in interest over the full term. Paying weekly or fortnightly, or making extra repayments, reduces the interest. Enter your own figures above for an exact estimate.
Are weekly or fortnightly repayments cheaper than monthly?
They can be — but mostly because of how much you pay, not the frequency itself. If you take the monthly repayment, halve it and pay fortnightly, you make the equivalent of 13 monthly payments a year instead of 12, so the loan is paid down faster and you save interest. This calculator computes each frequency on its own periodic rate; compare them to see the difference.
How much does a 0.5% rate rise cost?
On a $700,000 loan over 30 years, a rise from 6% to 6.5% lifts the monthly repayment by roughly $230. The calculator shows your repayment at the current rate, +0.5% and +1%, so you can see the impact on your own loan.
How do extra repayments help?
Every extra dollar goes straight onto the principal, so you’re charged less interest for the rest of the loan — and because the repayment usually stays the same, the loan is paid off sooner. Add an extra amount above to see the interest saved and time cut from your loan.
What is interest-only, and why does it cost more overall?
During an interest-only period you pay only the interest, so the balance doesn’t reduce. Repayments are lower at first, but because you still owe the full amount when principal-and-interest starts, you pay more interest over the life of the loan than an equivalent P&I loan.
Why might my lender’s repayment differ from this?
This uses the standard loan formula with a constant rate. Real lenders may calculate interest daily on your actual balance, count calendar days, apply fees, round differently, and change rates over time — so treat this as a close estimate, not the exact figure on your statement.
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Reviewed 1 November 2026. Estimate using the standard loan formula — not a loan offer or financial advice. Your lender’s repayments may differ due to daily interest, fees, timing and rounding.