Free • No signup • Updated 2025

Mortgage Calculators
for Smart Homebuyers

Four essential calculators for Australia and the USA — repayments, stamp duty, borrowing power, and rent vs buy. All free, all instant.

🇦🇺 Australia 🇺🇸 USA No registration Instant results

Mortgage Repayment Calculator

Calculate your monthly or fortnightly repayments, total interest paid, and see your full amortization schedule.

Add extra to reduce your loan faster
Repayment
$3,691
per month
Total Repayments
$1,328,718
over loan term
Total Interest
$728,718
121% of loan
Payoff Date
Jun 2055
Principal vs Interest
Principal 45% Interest 55%
💡 Rates shown are indicative. Contact a licensed mortgage broker for personalised advice. Calculations assume fixed rate for the entire loan term.
YearOpening BalancePrincipal PaidInterest PaidClosing Balance

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 (2025)

In Australia, variable home loan rates currently average around 6.0–6.5% p.a. for owner-occupiers with principal and interest repayments. Fixed rates range from 5.7–6.9% depending on term. In the USA, 30-year fixed rates average approximately 6.5–7.0%.

How much deposit do I need? +
In Australia, most lenders require a minimum 5% deposit, but a 20% deposit avoids Lenders Mortgage Insurance (LMI). LMI can add $10,000–$30,000+ to your borrowing costs on a $600,000 loan. In the USA, conventional loans typically require 3–20% down, with FHA loans accepting 3.5%.
What is comparison rate? +
The comparison rate combines the interest rate with most fees and charges into a single figure, making it easier to compare true loan costs. Australian lenders are required to show a comparison rate. It's based on a $150,000 loan over 25 years, so it may not reflect your actual loan accurately.
Can I make extra repayments? +
Most variable rate loans allow unlimited extra repayments. Fixed rate loans may have annual limits (often $10,000–$20,000 per year) and break costs if you exceed them. Even small extra repayments make a significant difference — $100 extra per month on a $600K loan at 6.25% over 30 years saves approximately $38,000 in interest.

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
$28,025
Registration Fee
$1,180
title + mortgage
Total Upfront Cost
$779,205
purchase + duties
As % of Price
3.86%
effective rate
⚠️ Stamp duty rules change frequently. Always verify with your state revenue office before settlement. This calculator uses rates current as at 2025.

Stamp Duty in Australia — State by State Guide (2025)

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. NSW offers a full exemption on new homes up to $800,000 and established homes up to $650,000. Victoria exempts first home buyers on properties up to $600,000. Queensland offers a concession on the first $500,000 of value. Check your state revenue office for the most current thresholds.

Foreign Buyer Surcharge

Foreign buyers (non-Australian citizens or permanent residents) pay an additional surcharge on top of standard stamp duty. This is 8% in NSW, 8% in Victoria, 7% in Queensland, 7% in WA, and 7% in SA. The surcharge applies to the full purchase price.

When do I pay stamp duty? +
Stamp duty is typically paid on or before settlement — the day you officially take ownership. Your conveyancer or solicitor will arrange payment. In some states you have 3 months after contract signing. In the ACT, stamp duty has been abolished for owner-occupiers and replaced with an annual land tax.
Can stamp duty be added to my mortgage? +
In most cases, no — stamp duty must be paid from your own funds. Some lenders will allow you to capitalise stamp duty into the loan if your overall LVR remains below 80%, but this increases your debt and interest costs. It's generally better to save stamp duty as part of your deposit.

Borrowing Power Calculator

Estimate how much you can borrow based on your income, expenses, and existing debts. Banks typically assess at a 3% buffer above the current rate.

Leave blank if buying solo
Food, transport, utilities, leisure
Car loans, personal loans, HECS/HELP
Banks assess 3.8% of limit as monthly liability
Banks assess at rate + 3% buffer
Estimated Borrowing Power
$612,000
principal & interest
Assessment Rate
9.25%
rate + 3% buffer
Monthly Repayment
$5,064
at actual rate
Debt-to-Income Ratio
5.1x
good
⚠️ This is an estimate only. Each lender uses different criteria. A mortgage broker can assess your exact borrowing capacity across 30+ lenders simultaneously.

How Banks Calculate Your Borrowing Power

Lenders assess your borrowing capacity using your net income, living expenses, existing debts, and a "serviceability buffer" — currently 3% above the actual loan rate. This means if you're applying at 6.25%, they test your ability to repay at 9.25%.

HECS/HELP Debt Impact

Your HECS/HELP repayment is treated as a monthly liability by lenders. A $40,000 HECS debt may reduce your borrowing power by $30,000–$50,000 depending on your income level and repayment rate.

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.

Australian long-run average ~5%
Deposit invested in diversified portfolio
Net Wealth: Buying
$890,000
property equity after costs
Net Wealth: Renting
$620,000
deposit invested + savings
Advantage
$270,000
buying wins after 10yr
Break-even Point
~7 yrs
when buying overtakes renting
📊 This model includes stamp duty, annual maintenance (1% of value), strata/rates (~$4,500/yr), and transaction costs (2.5% on sale). Investing assumptions: deposit earns your selected return, rent difference invested monthly.

Renting vs Buying in Australia — The Real Math (2025)

The rent vs buy decision is one of the most significant financial choices Australians 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.

Is it better to buy or rent in 2025? +
In high-value markets like Sydney and Melbourne, renting and investing the difference has historically been competitive with buying over 5–7 year horizons. For periods of 10+ years, buying typically wins due to leverage and capital growth. In regional areas with stronger rental yields, the numbers are different. The emotional value of ownership is also real — stability, freedom to renovate, and having a home to raise a family.
What yield do I need for buying to make sense? +
As a rough rule, buying makes financial sense when your annual property costs (mortgage interest + rates + maintenance) are roughly equal to or less than comparable annual rent. If you're paying $45,000/year in mortgage interest on a property where equivalent rent would be $36,000, the numbers need strong capital growth to justify buying on a pure financial basis.