Home Loan Amortisation Calculator
Full repayment schedule with weekly, fortnightly and monthly options, plus offset and extra repayments.
Instalment
$3,713.84
Total Interest
$736,981.23
Total Cost
$1,336,981.23
APR (Comparison Rate)
6.30%
| Period | Instalment | Interest | Loan Amount | Balance |
|---|---|---|---|---|
| 1 | $37,601.17 | $6,964.87 | $593,035.13 | |
| 2 | $37,149.49 | $7,416.55 | $585,618.58 | |
| 3 | $36,668.52 | $7,897.52 | $577,721.05 | |
| 4 | $36,156.35 | $8,409.69 | $569,311.37 | |
| 5 | $35,610.97 | $8,955.07 | $560,356.30 | |
| 6 | $35,030.22 | $9,535.82 | $550,820.48 | |
| 7 | $34,411.81 | $10,154.23 | $540,666.25 | |
| 8 | $33,753.30 | $10,812.74 | $529,853.51 | |
| 9 | $33,052.08 | $11,513.96 | $518,339.54 | |
| 10 | $32,305.38 | $12,260.66 | $506,078.88 | |
| 11 | $31,510.26 | $13,055.78 | $493,023.10 | |
| 12 | $30,663.58 | $13,902.46 | $479,120.64 | |
| 13 | $29,761.98 | $14,804.06 | $464,316.58 | |
| 14 | $28,801.92 | $15,764.12 | $448,552.46 | |
| 15 | $27,779.60 | $16,786.45 | $431,766.01 | |
| 16 | $26,690.97 | $17,875.07 | $413,890.94 | |
| 17 | $25,531.75 | $19,034.29 | $394,856.65 | |
| 18 | $24,297.35 | $20,268.69 | $374,587.96 | |
| 19 | $22,982.90 | $21,583.14 | $353,004.82 | |
| 20 | $21,583.20 | $22,982.84 | $330,021.98 | |
| 21 | $20,092.73 | $24,473.31 | $305,548.68 | |
| 22 | $18,505.61 | $26,060.43 | $279,488.24 | |
| 23 | $16,815.55 | $27,750.49 | $251,737.76 | |
| 24 | $15,015.90 | $29,550.14 | $222,187.61 | |
| 25 | $13,099.53 | $31,466.51 | $190,721.11 | |
| 26 | $11,058.89 | $33,507.15 | $157,213.95 | |
| 27 | $8,885.90 | $35,680.14 | $121,533.81 | |
| 28 | $6,572.00 | $37,994.04 | $83,539.77 | |
| 29 | $4,108.03 | $40,458.01 | $43,081.76 | |
| 30 | $1,484.28 | $43,081.76 | $0.00 |
Compare Methods
Equal Instalment (Repayment)
Instalment
$3,713.84
Total Interest
$736,981.23
Interest Only
Instalment
$3,150.00
Total Interest
$3,402,000.00
A home loan repayment schedule (amortisation schedule) shows how every repayment splits between interest and principal, and how your balance falls across the life of the loan. Because Australian home loans can be paid weekly, fortnightly, or monthly, and often carry an offset account, the schedule is the clearest way to see the real impact of each option.
This calculator models a standard principal-and-interest home loan, lets you compare repayment frequencies side by side, and lets you enter an offset balance to see how much interest it saves — the three factors that most affect how fast an Australian mortgage actually gets paid off.
Interest Charged Daily, Debited Monthly
Most Australian home loans accrue interest daily on the outstanding balance (reduced by any offset), then debit the accrued interest to your loan monthly. This means any extra repayment or offset deposit starts saving interest from the day it lands, not from the next statement date.
Fortnightly vs Monthly Repayments
Paying half your monthly repayment every fortnight results in 26 payments a year — the equivalent of 13 monthly payments instead of 12. That one extra repayment a year is the single easiest way to cut years off a 30-year loan without changing your household budget noticeably.
How an Offset Account Reduces Your Interest
An offset account is a transaction account linked to your home loan; the balance in it is subtracted from your loan balance before interest is calculated, but the money stays fully accessible. A $20,000 offset balance on a $600,000 loan has the same interest effect as a $20,000 lump-sum repayment, without losing access to the cash.
Worked Example: $600,000 Over 30 Years at 6.3%
On a $600,000 home loan at 6.3% over 30 years, the monthly repayment is $3,713.84.
Across the full 360 monthly repayments you would pay $736,981.23 in interest, for a total repayment of $1,336,981.23.
Switching to fortnightly repayments (half the monthly figure every two weeks) adds one extra repayment a year and typically shortens the loan by four to five years.
Repayment = P × [r(1+r)^n] / [(1+r)^n − 1], where P = loan amount, r = monthly interest rate, n = number of monthly repayments
Principal & Interest vs Interest-Only
This calculator models principal-and-interest (P&I) repayments, where every repayment reduces the balance. An interest-only period — common for the first one to five years of an investment loan — keeps the balance unchanged and repayments lower, but the loan then reverts to P&I over the remaining term, so the repayment jumps noticeably at that point.
Break Costs on Fixed-Rate Loans
Variable-rate Australian home loans generally carry no penalty for extra repayments or full early payout. Fixed-rate loans are different: paying out early, or overpaying beyond the lender’s annual cap (commonly around $10,000–$30,000), can trigger a break cost, calculated under the National Consumer Credit Protection Act to recover the lender’s loss from the rate difference — ask your lender for a break-cost estimate before making a large extra payment on a fixed loan.
Lenders Mortgage Insurance (LMI), payable when borrowing above 80% of the property value, is a separate one-off cost and is not affected by how quickly you repay the loan.
Frequently Asked Questions
How much do I save by paying fortnightly instead of monthly?
Fortnightly repayments of half the monthly amount total 26 payments a year — one full extra monthly repayment compared with paying monthly. On a typical 30-year loan this can shorten the term by four to five years and save a substantial amount of interest.
How does an offset account reduce my interest?
The balance in a linked offset account is deducted from your loan balance before daily interest is calculated, even though the money remains fully accessible to you. A larger offset balance means less interest charged every single day.
Is there a penalty for extra home loan repayments?
On a variable-rate loan, generally no. On a fixed-rate loan, extra repayments beyond your lender’s annual cap — or paying the loan out entirely — can trigger a break cost under the National Consumer Credit Protection Act, which recovers the lender’s loss from the interest-rate difference.
What is an amortisation schedule for a home loan?
It is the full list of repayments for the life of the loan, showing how each one splits between interest and principal and what balance remains afterward — this lets you see exactly how extra repayments, offset, or a rate change would affect your loan.
Should I choose principal & interest or interest-only repayments?
Principal & interest repayments reduce your balance and total interest cost from day one. Interest-only repayments are lower for a set period (common on investment loans) but the balance doesn’t fall, and repayments jump once the loan reverts to P&I over the remaining term.
How is interest calculated on an Australian home loan?
Interest usually accrues daily on your outstanding balance (net of any offset), then is charged to your loan account monthly — so any extra repayment or offset deposit reduces the interest calculated from that day onward, not just from the next billing cycle.
What is Lenders Mortgage Insurance and does it affect my repayments?
LMI is a one-off insurance premium charged when you borrow above 80% of the property value, protecting the lender rather than you. It is typically added to the loan amount or paid upfront, and does not change how your ongoing repayments are calculated.
Can I switch from fixed to variable to make extra repayments?
Yes, though switching before your fixed term ends may itself incur a break cost. If unlimited extra repayments matter to you, weigh that flexibility against the rate certainty of staying fixed until the term expires.
Sources
