How to read these numbers
Your repayment is the regular amount that pays off the loan over the term at the rate you entered. Real rates move, so treat it as a snapshot.
Total interest is what you'd pay over the life of the loan if the rate never changed. Extra repayments and money in an offset account both cut it, often by more than people expect.
The repayment if rates were 3% higher is close to what lenders test you at when they decide how much you can borrow. If that number would stretch you, it's worth knowing before you buy.
Monthly, fortnightly or weekly?
Paying fortnightly or weekly instead of monthly makes little difference on its own, because the calculator works out the right amount for each frequency. The real saving comes if you pay half your monthly repayment every fortnight, because that adds up to one extra monthly repayment each year. Try it by adding the difference as an extra repayment.
Useful next reads
- Mortgage repayments and the income you need, with a table from $500,000 to $1.5 million
- Borrowing power, explained, and why lenders give different answers
- Offset accounts, explained, and whether one would pay for itself
- Interest only home loans, and what happens when the period ends
Questions people ask
What are the repayments on a $700,000 loan?
About $4,200 a month at 6% over 30 years, principal and interest. Use the calculator for your own rate and term.
Does paying fortnightly save money?
Only if you pay more in total. Paying half your monthly repayment every fortnight adds one extra monthly repayment a year, which can take years off a 30-year loan.
How much does an offset account save?
Every dollar in the offset reduces the balance you pay interest on. Enter your expected offset balance above to see the interest and time saved.
