Mortgage Repayment Calculator

Interest Rate: For the purposes of our calculation, we assume:

• a variable interest;
• unless you enter another rate, a standard variable rate applies;
• a fixed interest rate applies for the full 30 years (or as selected) – as we can’t predict future rate of interest

Repayments: These calculations are for indicative purpose only. When calculating re-payments, we have had to make a number of assumptions which may affect the accuracy of the amounts shown. They include:

• That your annual interest charge is divided equally over 12 monthly payments (in reality, interest is calculated daily and charged monthly which can lead to your interest charge varying between months).
• That interest is charged to the loan account at the same frequency and on the same day as the repayments are made (this may not be the case for your loan).
• That any upfront fees, charges or duties you incur in relation to the loan and/or the property are not loan funded unless you have included them as "additional funds required".
• We have rounded some amounts to the nearest cent when calculating your indicative repayments.
• Repayment buffer included, in relation to any repayments you make in relation to any home loan/s you have which are not being refinanced. This allows us to factor in, to some degree, the effect of those repayments going up if interest rates increase.
• We have also assumed that the repayments are principal and interest repayments.

Loan repayments calculator

Loan Repayment Calculator calculates the total amounts payable under two alternative loans and then provides the comparative amount saved by using the lower cost loan. The two loans allow for the entry of different expense amounts, both initial and ongoing (either monthly, fortnightly or weekly frequency as entered). In addition, the two loans allow for the entry of different introductory interest rates and terms, with different ongoing interest rates for the balance of the loan term. The calculation is done based on a monthly repayment frequency, in respect of the common loan parameters entered, namely amount and total term in years.

• Length of month: All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month.
• Loan term and loan amount: We assume the loan term and loan amount are what you enter into the calculator.
• Number of weeks & fortnights in a year: One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
• Rounding of amount of each repayment: In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount will be a partial repayment as required to reduce the loan balance to zero.
• Amounts of totals payable under each loan: The website calculator quotes Total Amounts Payable under each loan that are rounded to the nearer dollar, after basing the calculations on unrounded repayment amounts.
• Amount of saving under lower cost loan: The calculation of the amount of repayments saved under the lower cost loan is based on unrounded payment amounts. The amount saved is quoted in dollars and cents, not rounded to the nearer dollar.