Calculate your home loan repayments in Australia, monthly, fortnightly or weekly. Borrowing $640,000 (20% deposit on $800,000) over 30 years at 6.49%, the average owner-occupier variable rate after the RBA’s September 2026 increase, costs about $4,041.03 a month.
Home Loan Repayment Calculator
Monthly, fortnightly or weekly repayments · Updated 12 October 2026
- Loan amount
- –
- Loan to value ratio (LVR)
- –
- Total interest
- –
- Total repaid
- –
- Paying half the monthly amount each fortnight
- –
Principal and interest, rate unchanged for the whole term. Lenders mortgage insurance, fees and offset accounts are not included.
How repayments are calculated
Principal-and-interest repayments use the amortisation formula: repayment = L × r ÷ [1 − (1 + r)−n], where L is the loan, r is the annual rate divided by the number of repayments a year and n is the total number of repayments.
What the 2026 rate rises mean
| Interest rate | Monthly repayment | Total interest (30 years) |
|---|---|---|
| 5.50% | $3,633.85 | $668,186 |
| 6.00% | $3,837.12 | $741,364 |
| 6.49% | $4,041.03 | $814,770 |
| 7.00% | $4,257.94 | $892,857 |
On a $640,000 loan, every 0.5 percentage point adds roughly $200 a month. The Reserve Bank lifted the cash rate to 4.60% on 29 September 2026, its highest level since 2011.
Fortnightly repayments can save years
If you pay half your monthly repayment every fortnight, you make 26 half-payments, the same as 13 monthly repayments a year. In the example above that clears the loan in about 24.2 years and saves around $187,400 of interest, provided your lender calculates interest daily and applies each payment straight away.
Deposit, LVR and LMI
Lenders usually charge lenders mortgage insurance when you borrow more than 80% of the property value. Under the Australian Government 5% Deposit Scheme, eligible first home buyers can buy with a 5% deposit without paying LMI.
FAQs
Does an offset account change this?
Yes. Money in an offset account reduces the balance interest is charged on, so the same repayment pays the loan off faster. This calculator does not model offsets.
Should I fix or stay variable?
Fixed rates give certainty for a set period; variable rates move with the market but usually allow extra repayments and offsets. Try different rates here to see what you can afford.
Related calculators
Sources
- InDaily (AAP): Interest rates hit high as RBA reveals latest call (Canstar average rate) · 29 September 2026
- Canstar: Australian Government 5% Deposit Scheme explained
Figures current as of 12 October 2026
Each formula is checked against a separate test sheet with at least three worked examples. Results are estimates based on the numbers you enter and the published rules; your actual figures may differ. This is general information, not financial or tax advice.
Spotted a mistake? Contact us and we will fix it and update the date above.