The Finance Algorithm

Repayment Calculator

Monthly, fortnightly or weekly repayments, and what the loan costs in interest

Updated October 2026Built and checked by MaverickHow it's calculatedReport an error

Your numbers

Updates as you type
$
$600k

The total amount you want to borrow

%
6.8%

Default uses the current average variable rate (6.8%). Move the slider to test scenarios.

30y

How long you'll take to repay the loan

The button asks our AI to explain these figures in words.

Your repayment results

Repayment a month

$3,911.55

Total interest

$808,158

Over loan term

Total repayments

$1,408,158

360 payments

What you still owe, year by year

Falls from $593,666 to zero over 30 years.

$0k$148k$297k$445k$594kYr 1Yr 7Yr 13Yr 18Yr 24Yr 30

What if the RBA shifts ±2%

Same loan amount and term: only the rate changes.

$3,148/month-2%at 4.80%$3,521/month-1%at 5.80%$3,912/monthCurrentat 6.80%$4,319/month+1%at 7.80%$4,742/month+2%at 8.80%

Where each year's repayments actually go

Early years are mostly interest. Late years are mostly principal.

  • Principal
  • Interest
$47ky1$47ky5$47ky10$47ky15$47ky20$47ky25$47ky30

Pay weekly, fortnightly, or monthly

Total interest over the life of the loan. Fortnightly is usually the sweet spot.

Weekly$807,223Fortnightly$807,504Monthly$808,158

How it works

Put in the loan, the rate and the term to see what you'd repay each week, fortnight or month, and how much interest that adds up to over the life of the loan. Today's lowest and typical rates are below, if you want to see how yours compares.

  1. 1Enter your loan amount (the total you want to borrow)
  2. 2Input your interest rate (check your loan offer or current rate)
  3. 3Select your loan term (typically 25-30 years)
  4. 4Choose how often you want to make repayments
  5. 5Your repayments update as you type, and the explanation tab puts them in plain English

The figures today

As of 7 November 2026, the lowest variable home loan rate is 5.93%, from SCCU's BROKER HOME LOAN, while the typical best across 104 institutions is 6.38%. The lowest 3-year fixed home loan rate is 6.24%, from Credit Union SA's 3-Year Fixed 40 Year Home Loan Package, while the typical best across 80 institutions is 6.69%. The RBA cash rate is 4.85%. Those are for an owner-occupier paying principal and interest at an 80% LVR.

Home loan rates todayWho passed on the last RBA move

Worked examples

First Home Buyer in Melbourne

Sarah is purchasing a $650,000 apartment with a 20% deposit ($130,000), borrowing $520,000 at 6.2% over 30 years.

Loan amount
$520,000
Interest rate
6.2%
Loan term (years)
30
Repayment frequency
Monthly

Monthly repayments of $3,185. By paying half that amount ($1,592) every fortnight instead - 13 monthly-equivalent payments a year instead of 12 - Sarah could save around $138,000 in interest and pay off 5.6 years earlier.

Upgrader in Sydney

James and Li are upgrading to a $1.2M home, using $300,000 equity plus savings. They're borrowing $800,000 at 6.5%.

Loan amount
$800,000
Interest rate
6.5%
Loan term (years)
30
Repayment frequency
Monthly

Monthly repayments of $5,057. Adding $500/month extra to repayments could save them around $264,000 in interest and pay off the loan 6.6 years early.

Questions people ask

How are home loan repayments calculated?
Home loan repayments are calculated using the amortization formula, which factors in your loan amount, interest rate, and loan term. The formula ensures each payment covers both interest and principal, gradually reducing your loan balance to zero by the end of the term.
Should I choose weekly, fortnightly, or monthly repayments?
Paying half your monthly amount every fortnight means 26 half-payments a year - the same as 13 monthly payments instead of 12. On a $520,000 loan at 6.2% over 30 years, that saves about $138,000 of interest and pays the loan off 5.6 years sooner. Paying the fortnightly equivalent of 12 monthly payments saves far less.
What is a comparison rate?
A comparison rate includes both the interest rate and most fees associated with the loan, giving you a more accurate picture of the true cost. Look for loans where the comparison rate is close to the advertised rate.
Can I pay off my home loan faster?
Yes. Make extra repayments when possible, switch to more frequent payment schedules, use an offset account, and round up your payments. Even small additional amounts can significantly reduce your loan term and total interest paid.
What happens if interest rates rise?
For variable rate loans, your repayments will increase when rates rise. A 0.25-point rise adds about $84 a month to a $500,000, 30-year principal-and-interest loan at the 6.8% average variable rate. Fixed rate loans protect you from rises during the fixed period.

The terms, in plain English

Principal
The original loan amount you borrow, excluding interest. Your repayments gradually reduce the principal over time.
Interest
The cost of borrowing money, expressed as a percentage of the loan amount. Calculated on the remaining balance.
Amortization
The process of spreading loan repayments over time so each payment includes both principal and interest.
Comparison Rate
A rate that includes the interest rate plus most fees and charges, providing a truer cost of the loan.
Loan Term
The total time over which you repay the loan. Longer terms mean lower repayments but more total interest paid.

Official sources

Calculate Your LVR

Check your loan-to-value ratio to understand if you'll need LMI and what rates you might qualify for.

Find Your Borrowing Power

Discover how much you could borrow based on your income, expenses, and existing debts.

See Extra Repayment Savings

Calculate how much you could save by making additional payments on your home loan.