Loan Repayment Calculator

How much are your loan repayments?

You can use this calculator to find out the size of your repayments for different loan amounts, interest rates, loan terms and repayment frequencies. You should work out the actual repayments that you will pay, however please make sure that you can afford to pay more just in case interest rates rise.

As a general rule you should be able to make your repayments even if interest rates increase by 2%. For a full assessment please talk to one of our mortgage brokers by enquiring online.

Choosing your repayment frequency

If you are making principal and interest repayments then you can choose to pay weekly or fortnightly instead of monthly. It is a common misconception that making more frequent repayments will save you money and help you to pay the loan off faster. This isn’t the case, it is only by making extra repayments that you can pay your loan off faster.

You may also choose to make interest only repayments to reduce the size of your repayments. This is regularly used by property investors so that they do not pay off their tax deductible debts, enabling them to maximise their tax deductions. Be careful! If you pay interest only then you will never actually pay off the loan and will end up paying more in interest over the loan term.

Is that really how much interest I will pay?

Yes the calculator is accurate. It is quite common for people to pay more in interest over the term of the loan than they actually borrowed to begin with. You should consider making extra loan repayments or using an offset account to reduce the interest that you will pay.

Use our other calculators

Please visit our loan calculators page to view our other mortgage calculators.

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