Australian Home Loan Repayment Calculator
Work out your repayments, total interest, and how much faster you could pay off your loan with extra repayments or an offset account.
Runs in your browser. No account needed. Your figures are not sent to a server. Privacy · Sources
Your Loan
Interest runs from this day, so it sets which months your repayments fall in. Defaults to today, and a share link always carries the date it was made with.
Repayments
Pay It Off Faster
Optional. See how much interest and time you could save.
Added to every scheduled repayment
Reduces the balance interest is charged on each day
Paid into the offset on each repayment date, and never withdrawn
Estimates only, not financial advice. This calculator accrues interest daily at your rate divided by 365 and adds it to the loan on the last day of each month, and repayments reduce the balance on the day they are made. Lenders vary on the exact day they charge interest and on how they round. Weekly and fortnightly amounts are converted from the monthly repayment by the method you choose. Assumes a fixed rate for the full term and excludes fees. Consult your lender for exact figures.
Related calculators
Frequently asked questions
How are repayments calculated?
The monthly repayment comes from the standard amortisation formula and is rounded to the cent. Weekly and fortnightly amounts are then converted from that monthly figure, because that is what Australian lenders document. Interest is worked out daily on your balance at your rate divided by 365, and the month of daily interest is added to the loan on the last day of each calendar month. Lenders vary on the exact day they charge interest, so your statement can differ by a few dollars over the life of the loan. Repayments, extra repayments and offset balances are simulated day by day across the whole loan, so their effect on interest and payoff time is exact for the inputs given.
Why can I choose how my fortnightly or weekly amount is worked out?
Because lenders do it in two different ways and the difference is large. Dividing the yearly total by 26 keeps your yearly amount the same as paying monthly. Halving the monthly repayment and paying it 26 times means about 13 monthly repayments a year, so you pay roughly 8% more each year and clear the loan years earlier. Some lenders have no fortnightly repayment amount at all, because the contract is monthly and paying fortnightly is simply how you fund it. Check your loan documents for which one applies to you.
Does paying weekly instead of monthly really save interest?
A little. Interest is charged on your balance each day, so paying earlier in the month leaves a smaller balance for the rest of it. On a $600,000 loan at 6% over 30 years, keeping your yearly total the same and moving from monthly to fortnightly is worth roughly $12,500 and finishes the loan about four months early, and moving to weekly is worth roughly $14,600 and about five months. The much bigger saving people attribute to paying fortnightly is usually the other thing: paying half a monthly repayment 26 times a year, which is an extra month of repayments every year rather than a timing effect.
How does an offset account reduce interest?
Interest is worked out each day on your loan balance less your offset balance, so money sitting in the offset reduces that day’s interest. Interest you do not pay is never added to the loan, so your repayment clears more principal and the loan ends earlier.
What happens after an interest-only period ends?
The loan reverts to principal and interest over the remaining term. Because you then repay the full principal over fewer years, the repayment steps up noticeably, and the calculator models that step.