Home Loan Repayment Calculator
What could your home loan repayments look like?
Use our home loan repayment calculator to get an estimate of what your repayments could look like based on the amount you borrow, the interest rate and the loan term.
Try a few different scenarios. A small change to the loan amount, interest rate or term can make a noticeable difference to both your regular repayments and the amount of interest you pay over time.
Still working out how much you may be able to borrow? Try our borrowing power calculator first.
Three numbers worth testing
What happens if you borrow a little more or a little less?
See how a different rate could change your repayments.
Compare the repayment impact of a shorter or longer term.
Estimate your home loan repayments
Enter your figures into the calculator below and adjust them to compare different scenarios. The result is an estimate and doesn't represent a loan approval or personalised lending advice.
How are home loan repayments calculated?
Your estimated home loan repayment is mainly shaped by three things: how much you borrow, the interest rate and how long you have to repay the loan.
Loan amount
The more you borrow, the higher your repayments will generally be. Your deposit and purchase price both influence the size of the loan you need.
Interest rate
The interest rate affects both your regular repayments and how much interest you may pay over the life of the loan.
Loan term
Spreading a loan over a longer term can reduce the regular repayment, but it may also increase the total interest paid over time.
What happens to repayments when interest rates change?
If you have a variable-rate home loan, changes to your interest rate can change the amount you're required to repay.
That's why it's worth using the calculator for more than one scenario rather than only entering the rate you're expecting today.
Try increasing the rate and see what that does to the repayment. It can give you a better feel for how your budget might respond if rates move in the future.
Give your budget a stress test
Instead of asking only, “Can I afford the repayment today?”, try asking what the repayment could look like if the interest rate were higher.
How does the loan term affect your repayments?
A longer loan term will generally spread the repayments over more years, which can make the regular repayment lower.
But there's another side to that calculation. If you're paying interest for longer, the total amount of interest paid over the life of the loan can be higher.
That's why it's worth comparing both the repayment and the overall loan term rather than choosing based on the lowest monthly figure alone.
Refinancing? Pay attention to this.
If you've already been paying your home loan for several years, refinancing back to a new 30-year term could lower the regular repayment while extending how long you're paying the debt.
If you're considering switching lenders, read our guide to the costs of refinancing a home loan and compare the full picture.
Principal and interest vs interest-only repayments
The type of repayment can also change what you pay and how the loan balance changes over time.
Principal and interest
With principal and interest repayments, each repayment generally contributes towards both the amount you've borrowed and the interest charged on the loan.
Over time, the aim is for the loan balance to reduce as the principal is repaid.
Interest-only
During an interest-only period, required repayments generally cover the interest charged rather than reducing the principal.
Interest-only arrangements can have different repayment implications once that period ends, so it's important to understand the longer-term cost and structure.
Got your repayment estimate. What now?
The calculator gives you a useful starting point. What you do next depends on where you are in the home loan process.
Use repayments to help set a realistic budget
If you're a first home buyer, it's easy to focus on the maximum amount you might be able to borrow.
But seeing what different loan amounts actually mean in regular repayments can help you think about the budget from another angle: what are you comfortable paying while still having room for everything else?
Our first home buyer home loan page has more information about getting started.
Buying power is only part of the picture
A loan amount may look manageable until you turn it into a weekly, fortnightly or monthly repayment.
Use both calculators together to get a better feel for the numbers before you start seriously looking at properties.
Talk through your home loan options with Martin
Calculators are useful for exploring different scenarios, but they can't take your full financial position, lender requirements or goals into account. Martin can help you work through the numbers and understand what the options may look like for your situation.
Book a time with Martin →