Repayment Estimator
This calculator provides general estimates only and is not financial advice. Please check with a licensed lender, broker, or financial adviser before making decisions.
Comparing a new home-loan offer?
Use the repayment estimate as one part of the decision, then compare the switching costs, break-even time and loan features.
How to read a repayment estimate
Principal-and-interest repayments reduce both the loan balance and interest. Interest-only repayments cover interest for the selected period but do not reduce the balance, so repayments can rise when the interest-only period ends.
For a $500,000 loan over 30 years at 6.00% with monthly principal-and-interest repayments, this calculator estimates about $2,998 per month. At 7.00%, the estimate is about $3,327 per month: roughly $329 more each month. Those figures use the same repayment formula as the tool above.
A longer loan term generally lowers the regular repayment but can increase the total interest paid. Extra repayments can reduce the balance sooner and lower total interest, subject to your loan's terms, features and any limits on extra repayments.
Results are estimates because a lender's actual repayment can reflect the loan product, payment timing, fees, redraw or offset arrangements, and how a variable rate changes over time. See BorrowPower's data and methodology for the calculator limits.