Home loan repayments, total interest and payoff date
Enter the loan amount, interest rate and term, then choose how often you pay. The calculator runs the repayment schedule period by period, including an interest-only period and any extra repayment, and shows the balance owing at the end of each year.
Interactive home loan repayment calculator
Repayments, total interest and the payoff date for a home loan, with an optional interest-only period and an extra repayment each period.
The loan's rate, not the comparison rate.
Fortnightly and weekly split the annual rate over 26 or 52 repayments. The half-monthly option pays half the monthly amount every fortnight.
On top of the scheduled repayment. Leave at 0 to see the loan as contracted.
Monthly repayment
$3,597 / month
$3,597 a month principal and interest over 30 years. Plus your $250 extra each month.
Total interest
$567,158
Including your extra repayments
Total repaid
$1,167,158
$600,000 borrowed plus interest
Paid off in
25 yrs 4 mo
304 repayments
Interest saved
$127,872
vs $695,029 with scheduled repayments only
Time saved
4 yrs 8 mo
Paid off in 25 yrs 4 mo instead of 30 yrs
Year-by-year breakdown
| Year | Interest | Principal | Balance owing |
|---|---|---|---|
| 0 | $0 | $0 | $600,000 |
| 1 | $35,716 | $10,452 | $589,548 |
| 2 | $35,071 | $11,097 | $578,451 |
| 3 | $34,387 | $11,781 | $566,670 |
| 4 | $33,660 | $12,508 | $554,163 |
| 5 | $32,889 | $13,279 | $540,884 |
| 6 | $32,070 | $14,098 | $526,786 |
| 7 | $31,200 | $14,968 | $511,818 |
| 8 | $30,277 | $15,891 | $495,927 |
| 9 | $29,297 | $16,871 | $479,056 |
| 10 | $28,256 | $17,912 | $461,145 |
| 11 | $27,151 | $19,016 | $442,128 |
| 12 | $25,978 | $20,189 | $421,939 |
| 13 | $24,733 | $21,434 | $400,505 |
| 14 | $23,411 | $22,756 | $377,748 |
| 15 | $22,008 | $24,160 | $353,588 |
| 16 | $20,518 | $25,650 | $327,938 |
| 17 | $18,936 | $27,232 | $300,706 |
| 18 | $17,256 | $28,912 | $271,794 |
| 19 | $15,473 | $30,695 | $241,099 |
| 20 | $13,579 | $32,588 | $208,511 |
| 21 | $11,570 | $34,598 | $173,913 |
| 22 | $9,436 | $36,732 | $137,181 |
| 23 | $7,170 | $38,998 | $98,183 |
| 24 | $4,765 | $41,403 | $56,781 |
| 25 | $2,211 | $43,957 | $12,824 |
| 26 | $143 | $12,824 | $0 |
Turn the loan into a payoff goal.
Estimate only. The rate stays fixed for the whole term and is split evenly across repayment periods; lenders usually calculate interest on the daily balance, round repayments and add fees, so their figures will differ slightly. Extra repayments keep the scheduled repayment the same and shorten the loan. General information, not advice.
Weekly, fortnightly or monthly schedules, plus the half-the-monthly fortnightly option
Interest-only years followed by principal and interest
Interest and time saved by an extra repayment each period
Use the interest rate, not the comparison rate
Lenders advertise a comparison rate next to the interest rate. It folds most upfront and ongoing fees into one percentage, but it is worked out on a $150,000 loan over 25 years, so on a larger loan it overstates how much the fees add. Use the comparison rate to shortlist loans, put the actual interest rate into this calculator, and add the fees on top.
Two kinds of fortnightly repayment
A true fortnightly repayment divides the annual rate by 26 and spreads the loan over 26 repayments a year. It costs almost the same as paying monthly. Paying half the monthly repayment every fortnight is different: 26 half-payments come to 13 monthly repayments a year, and the extra one goes straight off the principal. The calculator offers both, so you can check which one your lender is quoting.
Interest-only years raise the repayment later
During an interest-only period the balance stays where it started. When the period ends, the whole loan has to be repaid over the years left, so the principal and interest repayment is higher than it would have been from day one, and the loan costs more interest overall. Run the same loan with and without the interest-only years to see the size of the jump.
Frequently asked questions
- Do extra repayments go into redraw or an offset account?
- Extra repayments go into the loan and reduce the balance straight away. If the loan has a redraw facility you can usually take them back out, subject to the lender’s minimums and any fees. An offset account keeps the cash in a separate transaction account and cuts interest the same way while the money sits there. The mortgage offset calculator compares the two.
- Does paying fortnightly save interest?
- Barely, if it is a true fortnightly repayment. The saving comes from paying half the monthly amount every fortnight, which adds one monthly repayment a year. Choose that option in the frequency list to see the difference on your loan.
- Why is my lender’s repayment slightly different?
- Lenders usually calculate interest on the daily balance and charge it monthly, round repayments, and may include account fees. This calculator splits the annual rate evenly across repayment periods, so expect a small gap. Budget with the figure on your loan documents.
- Can I make extra repayments on a fixed-rate loan?
- Check the contract. Fixed-rate loans can cap extra repayments each year and charge break costs if you pay the loan out early. If you plan to make large extra repayments, ask the lender how a split loan, part fixed and part variable, would treat them.
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