Mortgage Calculator
Calculate repayments for home loans, personal loans, and car loans. Compare repayment frequencies and see how extra payments cut your interest and shorten your loan term.
Loan details
Repayment summary
Year-by-year amortisation schedule
How are loan repayments calculated?
For a principal & interest loan, repayments use the amortisation formula: P × r × (1+r)n / ((1+r)n − 1), where P is the loan amount, r is the periodic interest rate, and n is the total number of payments. Each payment covers the interest first; the remainder reduces the principal.
Fortnightly vs monthly repayments
Making fortnightly repayments instead of monthly results in 26 half-payments per year — equivalent to 13 full monthly payments. That one extra month's payment each year can cut years off a 25-year loan and save tens of thousands in interest.
Interest only loans
With an interest-only loan, repayments cover only the interest charge — the principal does not reduce during the interest-only period. The full loan balance remains as a balloon payment due at the end. These are common for investment properties but result in significantly higher total interest over the life of the loan.