Calculators

Home Loan Repayment Calculator

Use this calculator to estimate loan repayment figures and how much time and money you could save by making extra loan payments. You might be surprised to discover how every little bit counts. On the average mortgage, paying just an extra $20 a week could save you more than $25,000 in interest costs over the life of your loan.

There’s no better motivation to pay down your mortgage faster than seeing the thousands of dollars you could save and years you could cut off your home loan by making a few simple changes to your budget.

Want to know more about budgeting and how to own your own home sooner? You’ll find loads of handy tips in our Money Tools section.

To use the Home Loan Repayment Calculator, enter the following information.

  • On the ‘My Loan Details’ tab, enter the following information:

    • Your mortgage balance or how much you’d like to borrow
    • Loan term (total number of years to repay the loan)
    • Indicative annual interest rate (used to calculate interest charges against your loan balance)
    • Repayment frequency (weekly, fortnightly or monthly)
    • Repayment type (‘principal and interest’ pays off the interest costs and balance of the loan over time; ‘interest only’ repays the interest component only—the balance does not go down)
  • On the ‘Extra Repayments’ tab explore how much you could save by:

    • Making extra regular repayments (weekly, fortnightly or monthly)
    • Keeping cash savings in an interest offset facility, or
    • Making a once-off lump sum payment against the loan

Ready to get to work on your mortgage?

MyBudget’s mission is to free you from your money worries and help you achieve your financial goals sooner.

Our personal budgeting services can go a long way towards improving your financial fitness and bringing your debt-free day closer. If you looking at home loan, either for the purchase of a home or to refinance your existing loan, we can help with that too. Our MyBudget loans division provides the best possible advice around loans and mortgages, with ethical lending available for our clients.

To find out how far your money can go, contact us today to book your free personal budgeting consultation.