Tools
Loan repayment calculator
Enter a loan amount, a rate and a term. You get the repayment, the total interest over the life of the loan, and the working that produced both — including how much of the first repayment is interest rather than principal.
$500,000
Not a rate we offer — enter your own.
Your repayment
$2,997.75
a month, for 30 years at 6.00%
Total interest
$579,191
over 30 years
Total to repay
$1,079,191
loan plus interest
How that is worked out
- Rate per month
- 6.00% ÷ 12 = 0.5000%
- Number of repayments
- 30 × 12 = 360
- First repayment — interest
- $2,500.00
- First repayment — off the loan
- $497.75
- Repayment
- $2,997.75 a month
In the first year you would pay $29,833 of interest and take $6,140 off the loan, leaving $493,860 owing. Interest is charged on the balance, so the split moves towards principal every year.
| Term | Repayment a month | Total interest |
|---|---|---|
| 20 years | $3,582.16 | $359,717 |
| 25 years | $3,221.51 | $466,452 |
| 30 years | $2,997.75 | $579,191 |
What this calculator assumes
- The rate never changes. It is the rate you typed, applied for the whole term. A variable rate will move, and a fixed rate reverts to a variable one when the fixed period ends — usually to a higher one than you were on.
- Interest is charged on the balance each period at the annual rate divided by the number of repayments in a year. That is how Australian lenders charge a nominal annual rate.
- A fortnightly or weekly figure is the year spread over 26 or 52 payments — not the monthly repayment halved or quartered. Halving the monthly repayment and paying it 26 times a year is an accelerated repayment: it is one extra monthly repayment a year and it clears the loan several years early. Many lenders offer it, and it is a good idea; it is just a different number.
- No fees, and no offset or redraw. Application, valuation, settlement, monthly and annual package fees, and lenders mortgage insurance are all excluded. So is the interest an offset account or extra repayments would save you, which on a long loan is substantial.
- An interest-only period pays nothing off the loan. The balance at the end of it is the balance at the start, and the repayment steps up when it reverts — because the same principal now has fewer years to be repaid over. The calculator shows both figures and what the period costs in extra interest.
- No comparison rate is shown, because a comparison rate is a property of a specific lender’s specific product and its fees. There is no lender here. A comparison rate is the figure to use when you are choosing between two real loans.
This calculator is general information only. It does not take account of your objectives, financial situation or needs, and it is not credit advice or an offer of credit. Every figure it produces is indicative only and is not a quote, an offer or a pre-approval. Actual repayments are set by the lender after a full assessment and will differ. Approval is subject to lender assessment; credit criteria, fees and charges apply. See our terms.
Nothing you type here leaves your browser. There is no account, nothing is sent to us and nothing is stored.
A repayment is not the same as an approval.
What a lender will actually advance depends on serviceability, not on the repayment you can see here. Work out the other side of it with the borrowing power calculator, read how home and investment loans are structured, or talk to a broker who can tell you which lenders would look at your file.
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