Mortgage Repayment Calculator
See your weekly, fortnightly or monthly repayments — plus how much interest you'll pay over the life of your loan with a full year-by-year amortisation schedule.
Repayment Type
Repayment Frequency
Estimated Monthly Repayment
$3,792
Over 30 years at 6.50% p.a.
Total Repaid
$1,365,263
Total Interest
$765,263
56.1% of total
Loan Amount
$600,000
Year-by-Year Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Yr 1 | $6,706 | $38,803 | $593,294 |
| Yr 2 | $7,155 | $38,353 | $586,138 |
| Yr 3 | $7,635 | $37,874 | $578,503 |
| Yr 4 | $8,146 | $37,363 | $570,357 |
| Yr 5 | $8,692 | $36,817 | $561,666 |
This calculator provides estimates for general information purposes only. Results are not financial, tax or legal advice and do not take into account your personal circumstances. Always consult a licensed professional before making any financial decisions.
Frequently Asked Questions
How are mortgage repayments calculated?▾
Principal & interest repayments use the standard amortisation formula:
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
Where P = loan amount, r = rate per period, n = total repayments. Each payment covers interest first, with the remainder reducing your principal.
What is the difference between P&I and interest-only?▾
Principal & Interest (P&I): Each repayment reduces both interest and principal. The loan is fully repaid at end of term.
Interest Only: You pay only the interest — your balance never decreases. The full principal is due at the end or you must refinance. Typically 1–5 years for investment loans.
Does paying weekly or fortnightly save money?▾
Yes — fortnightly payments effectively make one extra monthly repayment per year (26 fortnights = 13 months), reducing your principal faster and cutting total interest.
How much does a 0.5% rate difference matter?▾
On a $600,000 loan over 30 years, a 0.5% rate reduction saves approximately $60,000–$70,000 in total interest and reduces monthly repayments by ~$180. A mortgage broker can compare hundreds of lenders to find you the sharpest rate.
What is an amortisation schedule?▾
An amortisation schedule shows how your loan balance decreases over time. In early years, most of each repayment covers interest — very little reduces principal. This gradually reverses as the balance falls.
Next step: calculate your borrowing power
Find out the maximum loan you can qualify for based on your income and expenses.