Mortgage Repayment Calculator
Calculate your monthly repayments, total interest, and full amortisation schedule.
A$10,000A$3,000,000
0.10%15.00%
5 years30 years
Monthly repayment
A$3,597
per month
Total interest
A$695,029
Total repayable
A$1,295,029
Principal 46%Interest 54%
A$600,000A$695,029
PrincipalInterestBalance
| Year | Payment | Principal | Interest | Total interest paid | Balance | |
|---|---|---|---|---|---|---|
| Year 1 | A$43,168 | A$7,368 | A$35,800 | A$35,800 | A$592,632 | |
| Year 2 | A$43,168 | A$7,823 | A$35,345 | A$71,145 | A$584,809 | |
| Year 3 | A$43,168 | A$8,305 | A$34,863 | A$106,007 | A$576,504 | |
| Year 4 | A$43,168 | A$8,817 | A$34,350 | A$140,358 | A$567,687 | |
| Year 5 | A$43,168 | A$9,361 | A$33,807 | A$174,164 | A$558,326 | |
| Year 6 | A$43,168 | A$9,938 | A$33,229 | A$207,394 | A$548,388 | |
| Year 7 | A$43,168 | A$10,551 | A$32,616 | A$240,010 | A$537,836 | |
| Year 8 | A$43,168 | A$11,202 | A$31,965 | A$271,975 | A$526,634 | |
| Year 9 | A$43,168 | A$11,893 | A$31,275 | A$303,250 | A$514,741 | |
| Year 10 | A$43,168 | A$12,627 | A$30,541 | A$333,791 | A$502,114 | |
| Year 11 | A$43,168 | A$13,405 | A$29,762 | A$363,553 | A$488,709 | |
| Year 12 | A$43,168 | A$14,232 | A$28,935 | A$392,488 | A$474,477 | |
| Year 13 | A$43,168 | A$15,110 | A$28,058 | A$420,546 | A$459,367 | |
| Year 14 | A$43,168 | A$16,042 | A$27,126 | A$447,671 | A$443,325 | |
| Year 15 | A$43,168 | A$17,031 | A$26,136 | A$473,808 | A$426,293 | |
| Year 16 | A$43,168 | A$18,082 | A$25,086 | A$498,893 | A$408,211 | |
| Year 17 | A$43,168 | A$19,197 | A$23,970 | A$522,864 | A$389,014 | |
| Year 18 | A$43,168 | A$20,381 | A$22,786 | A$545,650 | A$368,633 | |
| Year 19 | A$43,168 | A$21,638 | A$21,529 | A$567,180 | A$346,994 | |
| Year 20 | A$43,168 | A$22,973 | A$20,195 | A$587,374 | A$324,022 | |
| Year 21 | A$43,168 | A$24,390 | A$18,778 | A$606,152 | A$299,632 | |
| Year 22 | A$43,168 | A$25,894 | A$17,274 | A$623,426 | A$273,738 | |
| Year 23 | A$43,168 | A$27,491 | A$15,676 | A$639,102 | A$246,246 | |
| Year 24 | A$43,168 | A$29,187 | A$13,981 | A$653,083 | A$217,060 | |
| Year 25 | A$43,168 | A$30,987 | A$12,181 | A$665,263 | A$186,073 | |
| Year 26 | A$43,168 | A$32,898 | A$10,269 | A$675,533 | A$153,174 | |
| Year 27 | A$43,168 | A$34,927 | A$8,240 | A$683,773 | A$118,247 | |
| Year 28 | A$43,168 | A$37,082 | A$6,086 | A$689,859 | A$81,165 | |
| Year 29 | A$43,168 | A$39,369 | A$3,799 | A$693,658 | A$41,797 | |
| Year 30 | A$43,168 | A$41,797 | A$1,371 | A$695,029 | A$0 |
For illustrative purposes only. Not financial advice. Speak to a licensed mortgage broker.
This free Australian home loan calculator shows your monthly repayment, total interest, and a full amortisation schedule — covering principal and interest or interest-only loans, with an instant stamp duty estimate for your state.
Enter your loan amount, interest rate, and term to see the numbers. Use Compare Scenarios to put a P&I loan next to an interest-only period, or compare two different rates after shopping lenders.
How Australian home loans work
Most Australian home loans are variable-rate principal and interest loans. Unlike the US, 30-year fixed rates are uncommon — most borrowers fix for 1–5 years then revert to a variable rate. The Reserve Bank of Australia (RBA) sets the cash rate, which directly influences variable mortgage rates.
Worked example. Borrow $600,000 over 30 years at 6.3%: monthly P&I = $3,717. Total interest = $738,020 — 1.23× the original loan. Switching to a 25-year term raises the monthly payment to $4,072 but saves $120,000 in interest.
Interest-only loans
Interest-only (IO) loans are common for investors: during the IO period (typically 1–5 years) you pay only interest, keeping cash flow low. At the end of the IO period the loan reverts to P&I, and repayments jump — sometimes sharply. APRA has tightened IO lending standards; most lenders now require a minimum deposit of 20% for IO loans and will stress-test at P&I repayments from day one. Use the Interest-only tab in the calculator to compare the IO and P&I phases.
Stamp duty by state
Stamp duty (officially transfer duty) is the largest upfront cost beyond your deposit and varies significantly by state:
- NSW: ~$17,990 on a $600,000 property (general rate; $0 for first home buyers ≤ $650,000)
- VIC: ~$31,070 on $600,000 (concession for first home buyers ≤ $600,000)
- QLD: ~$12,850 on $600,000 (rebate for first home buyers ≤ $700,000)
- WA: ~$19,665 on $600,000
- SA: ~$26,830 on $600,000
Lenders Mortgage Insurance (LMI)
If your deposit is less than 20% of the property value (LVR above 80%), most lenders require LMI. LMI protects the lender — not you — if you default. Premiums are significant: on a $570,000 loan at 95% LVR, LMI can cost $15,000–$25,000, often added to the loan itself.
The First Home Guarantee (formerly FHLDS) lets eligible first home buyers purchase with a 5% deposit without paying LMI — the government guarantees the remaining 15%. 35,000 places are available each financial year.
Making extra repayments
Most Australian variable-rate loans allow unlimited extra repayments with no penalty. Fixed-rate loans typically cap extra repayments at $10,000/year — check your loan terms. An extra $500/month on a $600,000 30-year loan at 6.3% saves approximately $185,000 in interest and cuts the term by over 7 years. Toggle Add extra repayment to see your projection.
FAQ
What is the RBA cash rate and how does it affect my mortgage?▾
The Reserve Bank of Australia sets the cash rate at its board meetings (typically 11 per year). Variable mortgage rates move broadly in line with the cash rate; fixed rates are set by swap markets and can move independently. As of June 2026 the cash rate is 3.85%. Check the RBA website for the current rate.
What is the difference between comparison rate and interest rate?▾
The interest rate is the base cost of borrowing. The comparison rate factors in most fees and charges (application fee, ongoing fees, but not break costs or LMI) and is expressed as an annual percentage, making it easier to compare products. By law Australian lenders must display the comparison rate alongside the advertised rate.
How much can I borrow?▾
Australian lenders assess serviceability by stress-testing your ability to meet repayments at your loan rate plus a 3-percentage-point buffer (the APRA minimum). Most lenders also apply a maximum debt-to-income ratio of 6×. Use the Affordability tab to estimate a maximum loan from a monthly repayment you're comfortable with.
Should I fix my rate?▾
Fixing gives payment certainty and protects against rate rises. The trade-off is that break costs can be very high if you sell or refinance during the fixed term. Most Australian borrowers use a "split loan" — part fixed, part variable — to balance certainty and flexibility.
What is an offset account?▾
An offset account is a transaction account linked to your home loan. The balance in the offset account reduces the loan balance on which interest is calculated. Keeping $50,000 in an offset on a $600,000 loan means you pay interest on only $550,000 — potentially saving tens of thousands over the life of the loan without actually making extra repayments.