Mortgage Repayment Calculator

Mortgage Repayment Calculator for quick home loan estimates

This Mortgage Repayment Calculator helps you work out how much you are likely to pay each month on a home loan. Enter the loan amount, interest rate, and term to see your estimated monthly repayment, total paid, and total interest.

The calculator uses a standard amortising home loan formula with monthly repayments. It also lets you test an extra monthly payment to see how much faster you could pay off the mortgage and how much interest you could save.

Use the results as a planning guide when comparing different properties, negotiating with your bank, or checking whether a quoted repayment is reasonable. Always confirm final figures with your lender before signing any agreement.

Assumptions and how to use this calculator

• The loan amount is the value you borrow from the bank after any deposit or down payment. If you know the purchase price and deposit, subtract the deposit from the price to get the loan amount.
• The annual interest rate is assumed to stay constant for the full term. Real world mortgages can change if you have a variable or floating rate.
• Repayments are calculated monthly, with interest compounding monthly, and payments made at the end of each month.
• The calculator ignores initiation fees, monthly service fees, insurance, and taxes, which can increase your actual payment.
• Extra monthly payments are applied on top of the normal repayment and are used fully to reduce the outstanding capital.

To use the tool, start by entering your estimated loan amount, the interest rate you expect from the bank, and the number of years for the bond. Then click “Calculate repayment”. If you are considering paying a bit extra each month, add an extra amount in the optional field and run the numbers again.

Common questions

What is a mortgage repayment?

A mortgage repayment is the regular amount you pay back to the bank to settle your home loan. Each payment normally includes an interest portion and a capital portion. At the start, most of the payment is interest, and over time more goes to reducing the outstanding balance.

How accurate is this mortgage calculator?

The calculator follows the same basic formula most banks use for fixed rate home loans. It is accurate for the inputs you provide, but actual quotes can differ because of fees, rate changes, and specific bank rules. Treat the output as a guide and check final offers with your lender.

Should I enter the property price or the loan amount?

You should enter the loan amount. If a property costs 1,200,000 and you pay a 200,000 deposit, the loan amount is 1,000,000. Using the correct loan value gives you a more realistic repayment estimate.

What happens if I make extra monthly payments?

Extra monthly payments reduce your outstanding balance faster, which cuts the number of months needed to repay the loan and reduces total interest. The calculator estimates how many months you could save and how much interest you might not have to pay if you keep paying the same extra amount.

Can I use this for variable or adjustable rate mortgages?

You can use the tool as a rough benchmark for variable rate mortgages by entering your current or expected average rate. However, because real rates can move up or down over time, your actual repayments may differ from the values shown here.