Australia Home Loan Calculator
Work out Australian home loan repayments weekly, fortnightly or monthly.
About the Australia Home Loan Calculator
Enter the loan amount, interest rate and term. The calculator gives the monthly repayment, the fortnightly and weekly equivalents, the total interest and how much sooner the loan is cleared by paying half the monthly amount every fortnight.
Australian home loans are usually variable or fixed for 1–5 years. Paying half your monthly repayment every fortnight makes 26 half-payments, the equivalent of 13 monthly repayments a year, cutting years off the loan.
The formula
Monthly = P × i ÷ (1 − (1 + i)⁻ⁿ); fortnightly equivalent = monthly × 12 ÷ 26
Worked example
$600,000 at 6% over 30 years
- Monthly: $3,597.30; total interest $695,029
- Fortnightly equivalent: $1,660.29
- Paying half the monthly ($1,798.65) each fortnight clears it in about 24.5 years
Things to keep in mind
- Assumes one rate for the whole term; variable rates change, and fixed periods end.
Questions people ask
What is LMI?
Lenders mortgage insurance, usually required with less than 20% deposit.
What is an offset account?
Savings linked to the loan; their balance is deducted before interest is charged.
Why does fortnightly help?
26 half-payments a year add up to one extra monthly repayment, all of it going to principal.