Calculate monthly mortgage repayments, LVR percentage, and savings from extra repayments.
Before you start falling in love with properties, it's worth knowing what the repayments actually look like on paper. Not what the bank tells you you can borrow — what you can actually afford to repay comfortably, with room left over for rate rises.
This calculator takes your loan amount, interest rate, and term and shows you the repayment amount for monthly, fortnightly, or weekly schedules. It also breaks down how much of what you pay goes to the bank in interest versus how much comes off your actual debt.
The fortnightly vs monthly difference is worth paying attention to. Because there are 26 fortnights in a year but only 12 months, switching to fortnightly payments is effectively making one extra monthly payment every year without feeling like it. Over a 30-year loan that can cut years off your term and save a significant amount in interest.
On a $600,000 loan at 6.5% over 30 years, switching from monthly to fortnightly repayments saves roughly $80,000 in interest and cuts about 4.5 years off the loan term. The saving comes entirely from making the equivalent of one extra monthly payment per year.
No — it covers loan repayments only. On top of your mortgage repayments you'll need to budget for stamp duty (which varies by state and purchase price), conveyancing fees, building and pest inspections, and possibly lender's mortgage insurance if you're borrowing more than 80% of the property value.
Lender's Mortgage Insurance protects the bank (not you) if you default. It's typically required when you borrow more than 80% of the property's value — meaning your deposit is less than 20%. LMI can cost several thousand dollars and is usually added to your loan.
Work backwards — enter repayment amounts you're comfortable with and adjust the loan amount until the number feels right. As a rough guide, your total debt repayments ideally shouldn't exceed 30-35% of your gross income.
Yes — run the calculator twice with the two rates and compare. For a full comparison you'd also want to factor in any rate lock fees, break costs, and whether offset accounts are available on the fixed product.
LVR is your loan amount as a percentage of the property value. Above 80% usually requires Lenders Mortgage Insurance (LMI).
Extra repayments reduce your principal faster, saving significant interest over time. Even $200/month extra can save years off a 30-year mortgage.