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Tinker with the options and get an estimate of your repayments with our home loan repayments calculator.
Home loan calculator.
Tinker with the options and get an estimate of your repayments with our home loan repayments calculator.
Our home loan repayments calculator helps you find out:
Our home loan repayments calculator helps you find out:
- How much your estimated monthly home loan repayments will be.
- The total interest you’ll pay.
- How much you’ll pay overall.
- How you much faster you can repay your home loan with extra repayments.
Calculate your home loan repayments.
Put in your home loan details to get an instant estimate of your home loan repayments and interest charged.
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Investment loans have a maximum 90% LVR.
Interest only loans have a maximum 80% LVR.
Sorry, we don't offer rates that match your needs.
Repayments.
Based on your loan options, here's what your repayments could look like.
$1,616
When the interest-only period ends, your monthly repayments will be $XXXXXX
Total loan repayments
$725,745
Total interest charged
$14,616
This result is based on taking out a ME Flexible Home Loan with a rate of 3.69% p.a.1 (4.72% p.a. comparison rate2). All the repayment info shown is based on current rates - but rates change, and these numbers should be treated as rough estimates only.
This is based on an interest rate of 3.69% p.a. which you have entered in yourself.
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How is my home loan interest calculated?
Home loan interest is generally calculated based on how much you owe (the outstanding balance), which includes a range of factors such as the interest rate, term of loan and repayment frequency.
There are things you do to impact how your interest is calculated. Making additional repayments helps to reduce the amount of interest long term (check if you’re allowed to first), as does making use of
an offset account.
What is a comparison rate?
A comparison rate explains the cost of a loan including all the extra and seemingly hidden fees and charges. When you use comparison sites to find a loan, for example, this figure will help you compare like-for-like, without getting tripped up by shiny deals.
What is LVR?
Loan-to-value ratio is, as the name suggests, the amount of your loan as a percentage of the value of the property. For example, borrowing $340,000 to buy a $400,000 property gives you an LVR of 85 per cent. Having a lower loan-to-value ratio is better as it is a smaller risk to the bank or lender if you default on your loan. This means you’ll also avoid the costs that come with a lower deposit and you might even get access to a better rate.
How often can you make repayments on home loans?
The beauty of home loans nowadays is you can align repayments with your pay cycle be that weekly, fortnightly or monthly. This can make it easier to budget for your cash/living expense needs.
Did you know that your choice of frequency can also affect the amount of interest you pay longer term? By switching to a more frequent schedule, you’ll generally pay less interest. This is because interest is calculated daily, and more frequent payments mean your loan balance is lower when the calculations take place.
Need some flexibility? If you have a variable interest rate, you can
make extra repayments whenever you like, with no fees or penalties.
What is the difference between principal and interest and interest only?
When you make your home loan repayments, money comes off the loan. In a standard principal + interest loan, your payment covers the interest and pays down the actual figure you owe (the ‘principal’).
With an interest only loan, you only pay the interest. Your repayments will be lower, but at the end of the interest free period, you’ll still owe the full amount of principal.
The principal is how much you owe on the property minus interest. This is the ‘actual’ amount you’ve borrowed, and the balance on which interest is calculated. The faster you can pay this down, the less interest you’ll pay.
How can I calculate my mortgage repayments?
You can calculate your estimated mortgage repayments using our home loan repayments calculator. The calculator uses the loan amount, interest rate, term of loan and repayment frequency.
Does using equity increase repayments?
Using the equity on your home can lead to an increase in your monthly repayments. If you choose to use the equity you have on your home loan this will mean the total amount you owe on your loan will increase and as such, your monthly repayments will be higher.
Does an offset account reduce monthly repayments?
Having an offset account won’t reduce the repayments (weekly, fortnightly or monthly) on your home loan, but will help you pay less interest over the life of your loan. You can find out more about adding an offset account here.
The legal stuff.
The legal stuff.
*Member Package fee of $395 applies.
1. Interest rates are current as at
21-Nov-2024 and are subject to change. The variable interest rate may include a discount or margin that is applied to the product’s variable reference rate. Discounts are offered to new home loan applications only. The discount cannot be used with any other rate promotion. Existing applications, internal refinances, top ups, additional advances or variations of existing home loans are not eligible. We may change or withdraw any discount or margin at any time.
2. Home Loan comparison rates are based on a loan of $150,000 for a term of 25 years, repaid monthly.
WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates. The comparison rates for interest only fixed loans are based on the interest-only period being equal to the fixed rate term.
The results from this calculator should be used as an indication only. Results do not represent, quotes, pre-qualifications for any product or an offer to provide credit. The calculations are based on the information input or selected by you, don’t take into account fees and charges that may be payable and assumes:
- Repayments are made monthly and all repayments are made on time;
- The interest rate doesn’t change for the life of the loan; and
- Interest is calculated daily and debited monthly.
One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Terms, conditions, fees and charges apply. Applications are subject to credit approval.