Mortgage Calculator
🇦🇺 Australia version
An Australian home loan is usually worked out daily and repaid monthly over 30 years, and a deposit of less than 20% normally brings lenders mortgage insurance. This calculator gives the monthly repayment, total interest and a month-by-month schedule, with strata and council costs and extra repayments if you want them.
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Advanced Mortgage & Home Buying Calculator
Comprehensive mortgage analysis, affordability planning, and home buying decisions
Loan Details
Payment Breakdown
Down payment, insurance and buying costs
Minimum down payment: A 20% deposit avoids lenders mortgage insurance. Eligible first home buyers can use the 5% Deposit Scheme.
Lenders mortgage insurance (LMI): Usually a one-off cost when you borrow more than 80% of the property value (over 80% LVR).
A deposit of 20% or more usually avoids lenders mortgage insurance.
Stamp duty (transfer duty): Set by each state and territory and depends on location, value and your circumstances. Not modelled; use the state revenue office calculator.
Loan Balance Over Time
Principal vs Interest
Figures used
- Default term: 30 years (a tool default, not a legal figure). Interest is normally charged daily and repaid monthly. No national compounding rule was checked.
- A 20% deposit avoids lenders mortgage insurance. Eligible first home buyers can use the 5% Deposit Scheme.
- Lenders mortgage insurance (LMI): Usually a one-off cost when you borrow more than 80% of the property value (over 80% LVR).
- LMI protects the lender, not the borrower. You pay it at settlement or add it to the loan.
- First home buyer concessions vary by state and are not included.
- Moneysmart: Lenders mortgage insurance (glossary) (checked 2026-11-08)
- Moneysmart: Save for a house deposit (checked 2026-11-08)
- Moneysmart: Buying a house (checked 2026-11-08)
- Moneysmart: Stamp duty (glossary) (checked 2026-11-08)
Australia rules and figures
- A 20% deposit avoids lenders mortgage insurance. Eligible first home buyers can use the 5% Deposit Scheme, so a smaller deposit is possible in that case.
- Lenders mortgage insurance is usually a one-off cost when you borrow more than 80% of the property value, which is a loan-to-value ratio over 80%.
- The insurance protects the lender, not the borrower. You pay it at settlement or add it to the loan, and this tool does not price it.
- Stamp duty, also called transfer duty, is set by each state and territory and depends on location, value and your circumstances. It is not modelled here.
- First home buyer concessions differ by state, so none are included. Use your state revenue office's calculator for the duty on a specific purchase.
- Interest is normally charged daily and repaid monthly. No national compounding rule was checked, so the tool uses a plain monthly rate.
Sources: Moneysmart: Lenders mortgage insurance (glossary) (checked 2026-11-08); Moneysmart: Save for a house deposit (checked 2026-11-08); Moneysmart: Buying a house (checked 2026-11-08); Moneysmart: Stamp duty (glossary) (checked 2026-11-08)
How the mortgage calculator works
The amount borrowed is the price less your deposit. This tool charges one twelfth of the yearly rate each month on the remaining balance, then sets one repayment that clears the loan by the last month. Anything extra you repay goes to principal and shortens the loan.
repayment = amount borrowed × i × (1 + i)^n ÷ ((1 + i)^n − 1), where i is the annual rate over twelve and n is the number of months
- The term starts at 30 years. Lenders charge interest daily, so a real statement can differ from this monthly estimate by a small amount.
- A deposit under 20% of the price is flagged, because that means borrowing over 80% of the property value and usually triggers lenders mortgage insurance.
- Insurance is not priced here, so repayments for a small deposit are lower than a lender's quote once the premium is added to the loan.
- Council rates and strata levies are entered as running costs and added to the total monthly figure.
- Stamp duty depends on the state or territory and is not modelled; the page points you to the state revenue office instead.
How to use the mortgage calculator
- Enter price and deposit. Type the purchase price and your deposit. The deposit appears as a percentage, which tells you whether the loan stays at or under 80% of the price.
- Choose the term and rate. Enter the loan term in years and the interest rate from your offer. The term starts at 30 years.
- Add property costs. Open the extra costs for council rates, insurance and strata levies if you are buying a unit or townhouse.
- Try extra repayments. Enter a monthly amount above the minimum to see the new finish date and the interest saved.
- Read the insurance note. Under Down payment, insurance and buying costs, check whether your deposit is under 20% and what the stamp duty note says.
Example: A $750,000 Australian home with a 20% deposit at 6% over 30 years
Putting down $150,000 means borrowing $600,000, which costs $3,597.30 a month and $695,029.13 in interest across 30 years. With a $75,000 deposit the loan is $675,000, the loan is 90% of the price and the repayment rises to $4,046.97 before any insurance premium. Shortening the original loan to 25 years lifts the repayment to $3,865.81 but cuts total interest to $559,742.52.
When to use the mortgage calculator
- Testing a deposit size. Compare a 10% and a 20% deposit on the same price to see the larger repayment and the insurance flag.
- Choosing 25 or 30 years. See how much extra repayment a shorter term needs and how much interest it removes.
- Planning extra repayments. Add a regular extra amount to see the earlier payoff and the saving against the minimum schedule.
- Pricing a unit or townhouse. Include strata levies and council rates to see the true monthly cost beyond the loan repayment.
What the mortgage calculator does not do
- Lenders mortgage insurance and stamp duty are described but not priced, so a low-deposit buyer needs a lender's quote for the full cost.
- Interest is modelled monthly. A lender charging daily can produce a slightly different balance and repayment.
- One rate applies for the whole term, so fixed-then-variable loans, offset accounts and redraw facilities are not modelled.
- Only principal-and-interest repayments are calculated; interest-only periods are not supported.
- The Affordability tab borrows a 28/36 rule from the United States for a rough budget, and Australian lenders run their own serviceability tests.
When something else is a better fit
- When you want to pay down a loan you already have, use the Early Payoff Calculator.
- When you are weighing several lenders' loans, use the Loan Comparison Tool.
- When you need the stamp duty for a particular purchase, use the calculator on your state or territory revenue office website.
Questions about the mortgage calculator
What are the repayments on a $600,000 home loan?
At 6% over 30 years the repayment is $3,597.30 a month, and total interest is $695,029.13. Over 25 years at the same rate it is $3,865.81 a month with $559,742.52 of interest.
Do I need lenders mortgage insurance?
Usually only if you borrow more than 80% of the property value. With a $150,000 deposit on $750,000 you borrow 80%, so it normally does not apply. A $75,000 deposit means 90% and it normally does.
Is the insurance premium included in the result?
No. The calculator shows repayments on the loan you enter. If the premium is added to the loan, the amount borrowed and the repayment both rise, so ask the lender for the figure.
Why can't I see stamp duty?
Each state and territory sets its own duty by location, value and circumstances, and first home buyer concessions differ. The tool leaves it out rather than guess; use your state revenue office calculator.
What does the 5% Deposit Scheme change?
It lets eligible first home buyers buy with a 5% deposit. This tool still calculates the repayment on whatever deposit you enter, but the insurance note will say a deposit under 20% usually attracts insurance.