How this home loan calculator works

This is a free repayment and borrowing power calculator for Australian home loans. Nothing is stored, nothing is emailed, and you do not have to give us your details to use it. Change any figure and the numbers update.

Repayments

Enter the loan amount, interest rate and term, and choose weekly, fortnightly or monthly. The calculator applies the standard principal-and-interest formula — the same one lenders use — so the figure is a realistic estimate of the repayment on that loan.

One thing worth trying: switch from monthly to fortnightly. Paying half the monthly amount every fortnight means 26 half-payments a year instead of 24, so you make the equivalent of one extra monthly repayment annually without really feeling it. On a typical 30-year loan that alone can take years off the term.

Borrowing power

The borrowing power tab estimates what you might be able to borrow based on income and expenses. Treat it as a starting point, not an answer. Every lender calculates capacity under its own rules, and the spread between the most and least generous is often large enough to decide whether a purchase happens. Two things the estimate cannot know:

• The assessment rate. Lenders test you at a rate above the one you would actually pay, to check you could cope with rises.
• How your income is treated. Overtime, bonuses, casual work, rental income and self-employed profit are each counted at different percentages by different lenders.

If you want the real number for your situation, that is a conversation rather than a formula — that is what we do.

What the calculator does not include

The repayment figure is principal and interest on the loan itself. Your actual cost of owning also includes:

• Council rates, water and strata or body corporate fees
• Building and contents insurance
• Lenders Mortgage Insurance, if you are borrowing above 80% of the property value
• Ongoing loan or package fees, where the product has them
• Upfront costs: stamp duty, conveyancing, building and pest inspection, lender fees

First home buyers should check the deposit and grant rules before budgeting — in South Australia the stamp duty position differs sharply between new and established homes.

Common questions

Is this calculator free?

Yes, completely, with no sign-up. Use it as often as you like.

How accurate is it?

The repayment maths is exact for the figures you enter. Whether those figures match what a lender will actually offer you is the separate question — that depends on the lender’s assessment of your income, debts and the property.

Can I work out how much faster I would pay off the loan with extra repayments?

Adjust the term and compare the totals. Even small regular extra payments early in a loan have a disproportionate effect, because in the early years most of your repayment is interest.

Does using this affect my credit score?

No. It is a calculator in your browser. Nothing is submitted anywhere and no credit enquiry is made.

What interest rate should I put in?

Use a realistic current rate for the loan type rather than the lowest advertised one. If you want to stress-test, try adding two or three percentage points and check the repayment is still something you could live with.

Free for anyone to use, including other brokers

Buyers, agents, accountants and other brokers are welcome to use this calculator and to link to it from their own sites, newsletters or client emails. No permission needed — a link back to this page is appreciated. It is here because a straight answer about repayments should not be behind a lead-capture form.

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Estimates only, for general information. Results are not an offer, a quote, or credit assistance, and do not take your objectives, financial situation or needs into account. Actual repayments and borrowing capacity depend on the lender’s current policy, the product, and assessment of your circumstances. Easy Loan Finance is a Credit Representative (CRN 568863) of Beagle Finance Pty Ltd, Australian Credit Licence 383640.