Work out the monthly repayment, total interest and remaining balance each year on a principal and interest home loan.
Use this calculator for a standard principal and interest home loan. Enter the amount you will borrow (the purchase price minus your deposit, plus any lenders mortgage insurance added to the loan), the interest rate a lender has quoted, the loan term and any upfront fees.
How it works. The monthly repayment uses the standard amortisation formula: repayment = P x r / (1 - (1 + r)^-n), where P is the loan amount, r is the annual rate divided by 12 and n is the number of months. Total interest is the repayment x n minus P. The yearly table shows the balance you would still owe at the end of each year.
Worked example (illustrative). $600,000 over 30 years at 6.00% a year gives r = 0.005 and n = 360. The repayment is about $3,597.30 a month. Over 360 months you pay about $1,295,029, so the interest is about $695,029. After five years you still owe about $558,326, which shows how little principal is repaid early in a long loan. At 6.25% the repayment rises to about $3,694.30, $97 a month more.
Limits. Lenders calculate interest daily and charge it monthly, so their figures differ by a few dollars. The calculator does not model annual package fees, offset balances, interest-only periods, fortnightly repayments or rate changes during the term. Rates in the defaults are illustrative, not current market rates. Use the refinance calculator to compare two rates side by side.
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