Mortgage repayment calculator
Four figures you set: the purchase price, your deposit, the rate your lender quoted and the term. The repayment comes back monthly and fortnightly, the two ways Australian lenders quote it.
$700,000
$140,000
20% of the purchase price
6.00%
Your lender’s quoted rate, not a rate we set
30 years
Monthly repayment
$3,357
Deposit $140,000
Borrowed $560,000
Fortnightly repayment
$1,550
Interest over 30 years
$648,694
An estimate, worked out from the four figures above on a principal and interest loan holding one rate for the whole term. Nothing here is saved or sent, and it is not financial advice.
Disclaimer: This tool returns an estimate. It is arithmetic on the figures you type and nothing else. It saves nothing, sends nothing to us and reaches no lender. The result is not a quote, not an approval and not an offer of credit, and it takes no account of your objectives, your financial situation or your needs. Top Sellers Realty holds no Australian financial services licence and no Australian credit licence. We give no financial product advice and no credit assistance. Before you act on a figure from this page, talk to a licensed broker or credit provider about the loan, to your accountant about tax, and to a licensed financial adviser about the investment.
How to read the result
- In the figure
- Principal and interest on the amount borrowed, at the rate and the term you set, spread evenly across every payment for the life of the loan.
- Not in the figure
- Council rates, insurance, body corporate, lenders mortgage insurance, loan fees and stamp duty. Each one is priced by a council, an insurer or a lender, so none of them can be worked out from four numbers.
- Deposit against borrowed
- The bar splits the purchase price two ways. Everything above the deposit is the loan, and the repayment is worked out from that half alone, so the deposit slider moves both figures at once.
- Monthly and fortnightly
- The fortnightly figure is one year of monthly payments divided into twenty six. Some lenders instead take half the monthly payment every fortnight, which adds one extra monthly payment across a year and shortens the loan.
Frequently asked questions
Reading the figure
What interest rate should I use?
The one your lender has quoted you. The starting value above is not a rate we have quoted, not a rate any lender has offered you, and not a forecast, so move it to your own number before you read the result.
Is a fortnightly repayment half the monthly one?
No. A year holds twenty six fortnights and twelve months, so half the monthly payment taken twenty six times would come to more than a year of repayments. The figure here is the same annual amount split twenty six ways.
What costs are not in a mortgage repayment?
Council rates, insurance, body corporate, lenders mortgage insurance, loan fees and stamp duty. The figure also holds one rate for the whole term, which no variable loan does.
The loan
What happens when the deposit is under 20 percent?
Most Australian lenders add lenders mortgage insurance, a one off cost that covers the lender if the loan is not repaid. It sits outside this figure, and every lender prices it differently.
Does a shorter loan term cost less?
The repayment goes up and the interest total comes down. Both figures are above, so the trade shows on your own numbers.
Is an estimate the same as loan approval?
No. It is arithmetic on four figures you typed, nothing is saved or sent, and only a lender can tell you what it will lend.
What people say
“After listing our property with another agency for a long time without success, we engaged Sukhbir Sodhi and his team at Top Sellers Realty, and the difference was immediate. They sold the property within a short period and achieved the price we were looking for.”
Verified on RateMyAgent“His communication was clear, timely, and honest, which made the entire process smooth and stress-free. Mr Nav Singh demonstrated strong market knowledge, great attention to detail, and a genuine commitment to achieving the best possible outcome.”
Verified on RateMyAgent“From start to finish, the entire process was smooth, professional, and stress-free. Sukhbir was transparent, responsive, and always available to answer my questions and provide guidance.”
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