Loans can become a source of financial stress if you don’t carefully budget your repayments against fluctuating interest rates over the life of your loan.

Our easy-to-use Loan Repayment Calculator helps you crunch the numbers so you can prepare for repayments and get on top of your money to secure your financial future. Take a look at how you could best utilise this powerful tool.

Benefits of using a Loan Repayment Calculator

If you owe money to a lender, or are planning on taking out a loan, it’s vital you evaluate the loan’s costs so you can carefully plan out your budget.

This is where our home loan repayment calculator can be particularly helpful.

You can easily manage the cost of your home loan against its interest rate and term, as our calculator provides a guide for the minimum amount you would need to pay weekly, fortnightly, or monthly. These amounts are helpful benchmarks, as they can reveal how much extra you could add to your repayments to shave years off your loan and save money on interest.

If you’re in the market for a home, our calculator will help you understand how regular repayments could affect your future lifestyle and budget – a valuable process that can take the financial strain off your shoulders.

Using our Home Loan Repayment Calculator


Loan repayment calculator

Here is a detailed breakdown of how you can use our calculator for working out home loan repayments:

  • Loan amount: Type in the principal amount of your current or potential home loan.
  • Interest rate: For this field, use the current interest rate for your loan.
  • Loan term: Type in your loan term. Many home loan terms can range from 10 to 30 years.
  • Loan fee: Fees and charges are typically billed monthly or yearly for administrating your loan. Be aware that some fees apply to certain circumstances, like charges arising from using a redraw facility. It’s important to compare home loans to understand which has the lowest fees and charges relative to its interest rate.
  • Repayment frequency: Insert the frequency of your home loan repayments. Flexibility is an important factor in choosing your loan, as you can make repayments regularly to potentially cut down on interest.

If you have a split rate home loan, complete this process for each portion of your loan to receive more accurate results. Simply start out with the fixed portion of your home loan and save or print out the results, then punch in the variables relating to the variable portion of your home loan.

Your results will appear along the bottom of the calculator. These include:

  • Monthly repayments: This result reveals the minimum amount required to pay off your home loan before its term is up.
  • Total interest/fee payable: This figure reveals how much interest and charges you would need to pay in total over the life of your term. This, of course, depends on the type of home loan, as well as the various interest fluctuations over its term. It’s important to revisit our Loan Repayment Calculator when interest rates or your financial situation changes.
  • Total payments: This figure shows the amount you would need to pay in total, including interest and fees on top of your principal loan. As you can see, this amount will be greater than your principal amount, so this figure may provide some incentive to pay your loan off faster, so long as that is comfortable for you.
  • Loan balance chart: A helpful chart appears to the right of the calculator to easily illustrate your loan balance against your predicted total payment.

Helpful hints

We’ve implemented some helpful buttons to make your loan comparison experience even easier.

  • The print button allows you to print the comparison results for reference. It also allows you to quickly save your comparisons. Simply click “Print”, and then change the printer destination to a “Save as PDF” under Local Destinations.
  • The assumptions button brings up a menu with further information on how figures are calculated.

Need advice?

It can be difficult to find the right loan for your needs, especially when it comes to a big commitment, like finding a suitable home loan for your lifestyle. We make this process easier with our online home loan comparison tool – a great companion to our repayment calculator.

Simply input the required details into our free service, and you will be presented with a range of home loans from our panel of trusted lenders in just seconds.

For further information on home loans, take a look at our helpful First Home Buyer guide, which covers topics including different loan types and the loan process.

Be sure to take advantage of our other handy calculators that can assist with managing your finances. These include the following:

Ready to look for a better deal? It’s easy to compare with us.

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