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MortgageSMART™by Emanate Finance
MortgageSMART™ tool
Mortgage Repayment Calculator
General information only — illustrative modelling, not credit assistance or an offer of finance. Actual outcomes depend on your circumstances, lender policy, rates and fees.
What will this loan actually cost you — each payday, and in total?
A repayment figure on its own tells you whether a loan fits your budget this month. The number that decides how much the mortgage costs you over your life is the total interest, and that's driven as much by the term and your extra repayments as by the rate everyone fixates on.
Set your loan below to see your repayment weekly, fortnightly or monthly, the total interest across the term, and what even a modest extra repayment does to both.
Free calculator · No personal details required · About 30 seconds
Your repayments
Set your loan, then add an extra repayment to see what it does to the finish line.
$600,000
5.94%
Try a rate one to two per cent higher as a stress test.
30 years
$0
- Repayment each month
- $3,574
- Total interest
- $686,709
- Total repaid
- $1,286,709
- Interest saved by paying extra
- $0
Principal and interest.
Over the full 30-year term at 5.94%.
Principal plus interest.
Add an extra repayment to see this.
Illustrative estimate based on the figures you entered. Actual outcomes may vary — the assumptions behind it are at the bottom of this page.
Reading the result
Where your repayment actually goes
In the first years of a 30-year loan, the large majority of each repayment is interest. On a $600,000 loan at around six per cent, roughly $3,000 a month leaves your account and only a few hundred dollars of it reduces what you owe. That ratio slowly flips as the balance falls.
This is why an extra repayment made early is worth far more than the same amount paid in year 25 — it removes principal that would otherwise have attracted interest for decades. It's also why lengthening a loan back out to 30 years during a refinance can quietly cost you more than the rate saving returns.
Four levers that change the total, not just the monthly figure
The rate. The obvious one, and the only one most comparison sites talk about. Worth having right, but rarely the biggest number.
The remaining term. Every refinance that resets the clock adds interest years. Keeping your existing term when you refinance is usually free to do and often saves more than the rate change.
Extra repayments. Small, consistent and early beats large and late. Test it in the calculator above.
Where your cash sits. An offset account or redraw lets your everyday balance reduce interest without locking the money away.
Beyond the repayment
A repayment calculator can't see your whole mortgage.
MortgageSMART™ looks at your structure, remaining term, other debts and equity together — which is where the years usually come off.
Two minutes · no documents · does not impact your credit score
Common questions
Repayment questions we're asked most
How are home loan repayments calculated?
A principal and interest repayment is the level amount that clears your balance over the loan term at the interest rate applied. Early on, most of each repayment covers interest; as the balance falls, more of it goes to principal. That's why the same repayment does far more work in year 20 than in year 1.
Do fortnightly repayments really pay a loan off faster?
It depends how the fortnightly figure is set. If your lender simply splits the monthly repayment in half and takes it every fortnight, you make the equivalent of 13 monthly repayments a year instead of 12 — that extra amount comes straight off the principal. If the fortnightly amount is recalculated so the annual total is unchanged, the difference is only the small effect of paying slightly earlier each month.
What interest rate should I use?
Use your actual rate if you have a loan. If you're comparing, start with a current variable rate and then test a rate one to two per cent higher. Lenders assess your application at a buffered rate for exactly this reason, and it's a useful stress test of your own budget.
Why does the total interest look so large?
Because interest compounds over a long term. On a 30-year loan it's common for total interest to approach or exceed the amount borrowed. Shortening the term, reducing the rate, or making extra repayments all reduce that figure — usually by more than people expect.
Is this calculator an offer of finance?
No. It's a general information tool that models the figures you enter. It isn't credit assistance, it doesn't assess your eligibility and it isn't an offer of finance. Your lender's figures will differ.
What clients say
148 Google reviews · rated 5.0
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