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How to calculate mortgage repayments

At Mortgage House we understand the importance of providing the best information possible to help you find a suitable mortgage for you and your family. Having the right resources at your fingertips can save you money and make finding home loans easier.

A mortgage repayment calculator is just one of the tools that can make a big difference. By using an Australian mortgage repayment calculator, you can get a clear indication of how much your repayments may be over the life of the loan. As a starting point, enter the interest rate of one of Mortgage House’s suitable home loans. Slide the measure across to choose the loan period, and choose between an interest-only or a principal-and-interest mortgage. The final step is to ask ‘how much can I borrow’, and enter the figure, remembering most banks and lenders will let you borrow only up to 95 per cent of the value of the home. Our loan repayment calculator will then provide you with weekly, fortnightly and monthly repayment amounts, but keep in mind they are an indication only. It is always a good idea to speak with our expert advisors before making your mortgage choice.

Repayments calculator

The interest rate for the loan.
% p.a.
What is the length of time to repay the loan?
How much do you want to borrow?
What is the type of the loan?

& Interest

Interest Only

Your Repayments

  • Weekly
  • Fortnightly
  • Monthly

$1,798.65 per month

Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House’s prevailing credit criteria apply. Please note that your actual fortnightly repayment would be equal to the monthly repayment amount divided by two. Weekly repayments would equal the monthly repayment amount divided by four. If you choose to pay fortnightly or weekly, your actual repayments will be higher than repayments shown on this page. You can reduce the term of your loan if you choose to make repayments fortnightly or weekly. We recommend you seek independent legal and financial advice before proceeding with any loan.

What is my monthly payment mortgage calculator?

It’s always important when using any finance calculators such as a home loan calculator, to ensure the information you enter is as correct as possible. While they may only be a guide, calculators are still a good indication of the final mortgage repayment numbers. Most home loans give you the option of choosing weekly, fortnightly and monthly repayments, and a mortgage repayment calculator will also give you those options. There can be a slight difference in repayment amounts for each time period, and most banks and lenders will give you a choice.

Your repayment schedule is something worth giving some thought to before choosing a mortgage. It can be a good idea to schedule your mortgage repayments on alternate days or weeks to other direct debits, like insurance or credit card payments. This can make budgeting easier. How much your repayments will be can depend on what type of loan you choose, the interest rate, the loan amount and the loan period. Our mortgage repayment calculator can give you a good indication of what your repayments will be when you enter all that information into it. It will also give you an indication of how much interest you will pay over the life of your loan, and when you will pay it. If you think monthly repayments are the best option for you, ensure you click the monthly button on our loan calculator.

How are principal and interest mortgages calculated?

Finding a suitable home loan can take a lot of time and research. Once you‘ve found a mortgage you’re happy with and your loan is approved, your home loan repayments will be pre-determined for up to the next 30 years. While you may upgrade your home or refinance along the way, having an understanding of how your repayments are calculated is important. While investors regularly take up interest-only home loans, the repayments of most owner-occupier loans are made up of both principal and interest amounts. The principal is the amount you want to borrow. Interest is the amount the bank will charge you to service your loan over the loan period. How much interest you are charged depends on a range of factors, including which mortgage you choose, the loan period, how much you borrow and whether or not you take up the offset account feature of the home loan.

Most Mortgage House home loans include the offset account feature, which lets you offset your loan against a non-interest-bearing bank account. Simply, the home loan interest is calculated on the difference between the two accounts, rather than just the mortgage amount. The interest on your home loan is calculated daily, based on the outstanding amount at the time, but is charged to your account only once a month. Our loan repayment calculator can give you a clear indication of what the principal and interest payments may be on your chosen mortgage. Mortgage House’s home loan calculator will display a graph of how much interest you will pay over the life of the loan, as well as how much of your repayments will be made up of both principal and interest. The early repayments of most Australian home loans will comprise mostly of interest, a percentage that will diminish over the life of the loan.