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Finance Calculator

Free Mortgage Calculator

Calculate monthly home loan repayments, total interest payable, and view a full amortisation schedule. Works with Australian interest rates and any loan amount.

Australian rates Monthly & fortnightly Amortisation table Free to use
🏦 Mortgage Calculator
$
Monthly Repayment
$0.00
Total Interest Paid
$0.00
Over the full loan term
Total Repayment
$0.00
Principal + interest
Interest: 0% Principal: 0%
💡 These figures are estimates only. Actual rates, fees and loan terms vary by lender. Always verify with your financial institution.

How the Mortgage Calculator Works

This calculator uses the standard mortgage amortisation formula to determine your regular repayment amount and the full payment schedule over the life of the loan. Simply enter the loan amount, interest rate, and loan term, then choose your preferred repayment frequency.

The monthly repayment formula used is:

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]

Where M is the monthly repayment, P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (loan term × 12).

Fortnightly vs Monthly Repayments

Choosing fortnightly repayments can significantly reduce your total interest and shorten your loan term. You make 26 half-payments per year (equivalent to 13 monthly payments instead of 12). This extra payment per year goes directly towards reducing the principal, saving you thousands of dollars in interest over the life of the loan.

Tips for Australian Home Buyers

  • Compare rates: A difference of just 0.5% on a $600,000 loan can save over $60,000 in interest over 30 years.
  • Consider offset accounts: An offset account linked to your mortgage reduces the principal balance you pay interest on, without changing your repayment amount.
  • Extra repayments: Most variable-rate loans allow unlimited extra repayments without penalty. Making just $100 extra per month can shave years off your mortgage.
  • LMI: If your deposit is less than 20% of the property value, you'll typically need to pay Lenders Mortgage Insurance (LMI).
  • First Home Buyer schemes: Check if you're eligible for the First Home Loan Deposit Scheme (FHLDS) or First Home Super Saver Scheme (FHSSS).

Frequently Asked Questions

What is the average mortgage interest rate in Australia in 2026? ▾
As of 2026, the average variable home loan rate in Australia is approximately 6.0%–6.5% for owner-occupiers paying principal and interest. Rates vary by lender, loan-to-value ratio (LVR), and whether the loan is for an owner-occupier or investor. Always compare current rates from multiple lenders.
How much can I borrow for a mortgage in Australia? ▾
Most Australian lenders allow you to borrow up to 80% of the property value without Lenders Mortgage Insurance (LMI). With LMI, you may borrow up to 95% LVR. Your borrowing capacity depends on your income, expenses, existing debts and credit history. A general rule is that lenders cap repayments at approximately 30% of your gross income.
Should I choose fortnightly or monthly repayments? ▾
Fortnightly repayments reduce your loan faster because you effectively make 26 half-payments per year (equivalent to 13 monthly payments). This can save years off your mortgage and thousands in interest. Use this calculator to compare — switch between monthly and fortnightly and see the difference in total interest.
What fees should I expect on an Australian home loan? ▾
Common fees include: application/establishment fees ($300–$600), ongoing annual fees ($200–$400), valuation fees ($200–$400), settlement fees, and early repayment (break) costs on fixed-rate loans. Some lenders offer no-fee or fee-waiver options, especially for higher loan amounts.

Disclaimer: This calculator is for general informational purposes only and does not constitute financial advice. Mortgage rates, fees and terms vary between lenders and over time. Always consult a qualified mortgage broker or financial advisor before making borrowing decisions.

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