Know what your home loan really costs, how to pay it off sooner, and which repayment choices put more money back in your pocket. Go beyond basic calculators to make smarter decisions about your mortgage.
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Different choices can produce the same quoted repayment but very different cash balances, interest charges and flexibility. These are distinct problems worth solving before deciding what to do with spare cash.
Early in a long loan, interest can absorb much of each instalment. Later, more of each payment reduces principal. Track the opening debt, interest and closing balance separately rather than judging progress by the repayment amount alone.
When interest rates increase, the remaining balance must still be repaid within the remaining term. That can push the required repayment up even while the principal is declining. Try a reset in month 13 or 25 and compare.
Choose whether spare cash stays accessible in offset or reduces principal directly. Model a realistic ongoing extra payment, then compare the debt-free month and the interest saving against the same starting loan.
Offset and redraw may look similar in interest calculations but they do not have identical access and loan-purpose implications. Read the offset versus redraw guide before making an irreversible principal payment.
The monthly repayment is only the starting point. Two borrowers can have the same monthly repayment and end up paying very different amounts of interest because one keeps cash in an offset account, another makes extra principal payments, or their rates change at different times. This tool models the balance each month so you can see how those decisions interact.
At a constant 6% p.a. nominal rate, a $600,000 principal-and-interest loan over 30 years has an initial monthly repayment of about $3,597.30. Without additional payments or an offset, the model calculates about $695,029 in total interest. This is why repayment affordability and lifetime interest cost must be considered together.
If your rate changes, the model recalculates the scheduled payment using the remaining debt and the remaining original term. That is different from simply applying a percentage increase to the old repayment.
An extra repayment reduces the amount you owe. An offset account generally reduces the balance on which interest is calculated while retaining the cash separately. Both can reduce interest, but the cash-access and future-use consequences differ. In this model, your opening offset and monthly additions are assumed to be available from the beginning of the respective months. Real lenders may calculate daily interest and handle transactions differently.
Extending a loan term usually spreads principal over more months, reducing the required monthly instalment but potentially increasing total interest. A refinance comparison should use the same comparison horizon and consider the remaining loan balance as well as interest, fees and scheduled payments. See our refinance break-even calculator.
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The question is not simply whether a bank offers fortnightly repayments. It is whether two repayment patterns involve the same total cash paid each year, and how long cash sits in offset before the instalment leaves your account. Half a monthly payment every fortnight is 26 half-payments—equivalent to 13 monthly payments per year—so it is not an equal-contribution comparison.
You can now choose fortnightly/weekly payment dates and daily accrual, plus compare equal annual contributions with the commonly advertised half-monthly fortnightly strategy. The date-based schedule remains a model of stated assumptions, not a reconstruction of a particular lender. Use it to understand the underlying principal and interest mechanism; see the originating borrower discussion for the question that motivated this section.
This is a more actionable question than the lifetime interest figure alone. At each month, the outstanding balance equals the previous balance plus interest less payment. A rate increase changes both the interest share and the payment needed to maintain the original maturity date. Your emailed schedule includes the closing balance for every month, allowing a five-year checkpoint and a comparison with a higher-repayment strategy.
See the borrower question about principal after refinancing. The answer depends on the remaining term, not just the interest rate printed on a loan advertisement.
At 6% nominal annual interest over 30 years, approximately $3,597.30 per month. Changing the interest rate, term or repayment structure changes the result. Enter your figures in the calculator above.
It depends on payment timing and amounts. Paying half the monthly repayment every fortnight results in 26 payments each year—13 monthly equivalents rather than 12. That is an extra annual contribution, not a like-for-like frequency comparison. This calculator currently uses monthly repayments only.
Enter the month when the rate changes and the new annual rate. The calculator recalculates scheduled payments over the remaining term and shows the changed interest cost.
Usually an offset primarily reduces interest charged while scheduled repayments continue according to your loan's terms. In this model the reduction flows to principal faster, potentially shortening the term.
Extra payments bring down principal sooner and therefore reduce future interest. Their effect depends on when you start, your interest rate and whether a rate change occurs. Test an amount you can sustain, rather than an arbitrary large figure.
Yes. Calculate your figures, enter your email address and request a PDF report with the assumptions, summary and month-by-month schedule. The calculator results remain available on the page without email capture.
Not necessarily down to the cent. The standard monthly scenario uses annual rate divided by 12; Advanced settings offer daily accrual on outstanding loan less offset at annual rate divided by 365. Actual lender posting and minimum repayment rules may still differ.
Start with the scheduled monthly repayment, then inspect the change in total interest and months to repayment when you add offset cash or extra payments. The forecast uses your assumptions, not a forecast rate or guaranteed lender policy. For the complete formulas and test cases, read the repayment calculation methodology.
Calculation conventions: ASIC Moneysmart mortgage calculator and Moneysmart offset accounts. Also read offset versus redraw, fixed and variable mortgage splits and the cost of refinancing.
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Check borrowing power to see how lenders assess income and debts; calculate your deposit and buying costs before committing; check transfer duty and first-home concessions; or compare refinancing with staying put.
Explore the Home Loans Knowledge Centre — borrowing power, buying costs, transfer duty, mortgage repayments and refinancing.