Mortgage Repayment Calculator
Calculate your monthly or fortnightly repayments, total interest paid, and see your full amortization schedule.
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How to Use This Mortgage Repayment Calculator
Enter your loan amount, interest rate, and term to instantly see your repayment amount and total cost. The calculator works for both principal and interest (P&I) and interest-only (IO) loans.
What is Principal & Interest?
A principal and interest loan means each repayment reduces your loan balance (principal) while also covering the interest charged. Over time, the proportion going to principal increases and interest decreases — this is called amortization.
Fortnightly vs Monthly Repayments
Making fortnightly repayments instead of monthly can save thousands over the life of a loan. Because there are 26 fortnights in a year (equivalent to 13 monthly payments), you effectively make one extra month's payment annually — reducing your loan term by several years.
Current Average Mortgage Rates (May 2026)
In Australia, many advertised owner-occupier principal and interest rates are now broadly in the mid 6% to low 7% range after the May 2026 RBA cash rate rise. In the USA, 30-year fixed mortgage rates are also around the mid 6% range. Use the rate your lender actually quotes, because even a 0.25% change can materially change repayments.
Extra Repayment Calculator
See how much time and interest you could save by adding regular extra repayments to your home loan.
How Extra Mortgage Repayments Save Interest
Extra repayments reduce your loan balance faster. Because mortgage interest is calculated on the outstanding balance, even small regular extra payments can compound into large savings over a long loan term.
Small Extra Payments Can Matter
Adding $100, $250 or $500 per month can shorten the loan term and reduce total interest. The impact is usually strongest early in the loan when the balance is highest.
Variable vs Fixed Loans
Variable loans often allow extra repayments more freely. Fixed rate loans may cap extra repayments or apply break costs, so always check lender rules before relying on this estimate.
Offset Account Calculator
Estimate how much mortgage interest an offset account could save and how much faster you may repay your loan.
How an Offset Account Can Reduce Mortgage Interest
An offset account is a transaction or savings account linked to your home loan. Money held in the offset reduces the loan balance used to calculate interest. For example, a $600,000 loan with $50,000 in offset may be charged interest as if the balance were $550,000.
Offset Account vs Extra Repayment
Extra repayments reduce the loan balance. Offset accounts usually keep your cash accessible while reducing interest. This flexibility can be useful for emergency funds, future renovations or tax planning.
Who Benefits Most?
Offset accounts are often most useful for borrowers who maintain stable savings or income buffers. The higher the loan rate and offset balance, the larger the potential interest saving.
Stamp Duty Calculator — Australia
Calculate stamp duty (transfer duty) for every Australian state and territory. Includes first home buyer concessions and investment property rates.
Stamp Duty in Australia — State by State Guide (May 2026)
Stamp duty (officially called transfer duty in most states) is one of the largest upfront costs when buying property in Australia. It varies significantly by state, property value, buyer type, and whether the property is new or established.
First Home Buyer Concessions
Every Australian state offers stamp duty concessions or exemptions for first home buyers. First home buyer concessions differ by state and change often. NSW has first home buyer assistance around the $800,000 purchase price level, Victoria has full duty exemption for eligible first home buyers up to $600,000, Queensland has expanded first home owner support and duty concessions, and other states have their own thresholds. Always verify the current threshold with the relevant state revenue office before relying on an estimate.
Foreign Buyer Surcharge
Foreign buyers (non-Australian citizens or permanent residents) pay an additional surcharge on top of standard stamp duty. This is commonly around 8% in NSW and Victoria, around 7% in Queensland, WA and SA, and varies by state and property type. The surcharge applies to the full purchase price.
Borrowing Power Calculator
Estimate how much you can borrow based on your income, expenses, and existing debts. Australian banks commonly assess serviceability at around a 3% buffer above the current rate, and APRA activated high debt to income guardrails from February 2026.
How Banks Calculate Your Borrowing Power in Australia and the USA
Australian lenders assess borrowing capacity using net income, living expenses, existing debts, and a serviceability buffer that is commonly 3% above the actual loan rate. This means if you apply at 6.60%, the bank may test your ability to repay closer to 9.60%. In the USA, lenders use debt to income ratio, credit score, down payment, loan type, and property taxes and insurance as key serviceability inputs.
HECS/HELP Debt, Student Loans and DTI Impact
In Australia, HECS/HELP repayments can reduce borrowing power because lenders include them in serviceability. In the USA, student loans are commonly included in debt to income calculations. From February 2026, APRA also requires Australian banks to limit the share of new mortgage lending with debt to income ratios of six or more, which can particularly affect investors and high income, high debt borrowers.
Tips to Increase Borrowing Power
Cancel unused credit cards (they count against you even at $0 balance), pay down personal loans before applying, reduce living expenses for 3–6 months before your application, and consider applying with a co-borrower if possible.
Rent vs Buy Calculator
Is it better to rent or buy? This calculator models the true long-term cost and wealth impact of both options over your chosen time horizon.
Renting vs Buying in Australia and the USA — The Real Math (May 2026)
The rent vs buy decision is one of the most significant financial choices Australians and Americans face. There's no universal right answer — it depends on your property market, how long you plan to stay, your investment alternatives, and psychological factors like stability and pride of ownership.
Hidden Costs of Buying
Beyond the mortgage, homeowners face stamp duty (often $20,000–$50,000), lenders mortgage insurance if deposit is under 20%, conveyancing ($1,500–$3,000), building inspection ($500–$1,000), and ongoing costs including council rates, strata fees, insurance, and maintenance (budget 1% of property value per year).
The Investment Alternative
The rent-vs-buy calculation should compare property investment against the alternative: investing your deposit in a diversified portfolio. The Australian share market has returned approximately 9–10% p.a. over long periods. Property has averaged 5–7% p.a. in major cities, plus imputed rent savings.