Estimate your repayments from a loan amount, interest rate and term. Change the inputs to compare scenarios and see the total interest under the calculator's assumptions.
Use the amount you expect to borrow, rather than the whole purchase price. Enter a rate from your lender or choose your own hypothetical rate. The example settings are illustrations, not current market rates or a loan recommendation.
Work through your numbers
- Enter the loan amount after allowing for the deposit you intend to contribute. Include any financed costs in that amount if they will become part of the loan.
- Enter an annual interest rate. The calculator keeps it unchanged throughout the selected term.
- Choose principal and interest, or an interest-only illustration.
- Select a term and monthly, fortnightly or weekly repayments.
- Compare the regular repayment and total interest. Try another rate or loan amount to understand the effect on your budget.
Understand the result
For principal and interest, review the regular payment, total repayments and total interest over the selected term. For interest only, also review the principal still owing at the end of the illustrated period. The total includes that remaining principal so it is not hidden.
An interest-only illustration does not model a later switch to principal and interest. It does not show that a lender will offer an interest-only period of the selected length. You would still need to repay or refinance the principal.
Compare repayment frequencies
Monthly, fortnightly and weekly figures use the same entered annual rate and term, divided into different payment periods. They are separate mathematical scenarios. They do not promise that changing your lender's payment frequency will save the displayed amount.
A hypothetical example
For an invented loan amount of $600,000, a hypothetical rate of 6.00% per year and a 30-year principal and interest term, the monthly payment is approximately $3,597.30. Total interest is approximately $695,029 under this model. These numbers illustrate the formula and are not a current rate, a lender quote or an example of a real client's finances.
Changing only the hypothetical rate to 7.00% gives a monthly payment of approximately $3,991.81. That difference is one way to explore the effect of a higher rate; it is not a forecast or a lending assessment.
What the calculator assumes
The calculator divides the entered annual rate by the number of payment periods in a year. Payments are made at the end of each period. For principal and interest, payments are level and the balance amortises over the selected term. It assumes an unchanged rate and no fees, offset balance, redraw, extra payments or payment holidays.
The results do not reproduce every lender's daily interest calculation, rounding, payment dates or product rules. The total uses unrounded calculated payments, so multiplying the displayed payment by the number of periods may produce a small rounding difference.
Look beyond the repayment
Allow separately for transfer duty, legal costs, inspections, insurance, rates, body corporate levies where relevant, maintenance and moving. A loan repayment that fits today is one part of the budget. Consider how you would manage a higher rate, unexpected work or a period of reduced income.
Estimate Queensland transfer duty and read the Queensland buying checklist.
Frequently asked questions
Does this calculator tell me how much I can borrow?
No. It calculates a payment from the inputs you choose. A lender's assessment can also consider income, expenses, other debts, the property and its own lending requirements. This result is not pre-approval.
Why is my lender's figure different?
A lender may use different interest timing, daily calculations, fees, payment dates or rounding. Compare the same principal, rate, term and payment arrangement before checking the remaining differences with the lender.
Is the example rate the current market rate?
No. Every prefilled or worked-example rate is hypothetical. Enter the rate relevant to the scenario you want to test. Poket does not recommend an interest rate or lender here.
Is a fortnightly payment simply half a monthly payment?
Not in this calculator. It independently calculates 26 payments per year. A lender arrangement that collects half a monthly payment every fortnight is a different cash-flow pattern and can produce a different result.
Are fees and an offset account included?
No. This calculator does not include fees, lenders mortgage insurance, offset accounts, redraw or extra repayments. If a cost is financed, add it to the loan amount yourself and avoid counting it twice.
What does interest only mean in the result?
The regular payment covers modelled interest only. The original principal remains due at the end of the illustrated period and is included in the total so it is not hidden. The calculator does not model a later repayment phase or refinancing terms.
Is the estimate financial advice?
It is a mathematical illustration, not a loan offer, approval, property price estimate or formal valuation. Speak with your lender or broker about the loan and your solicitor about contract conditions before committing.
Plan the purchase as well as the loan
Use the calculator to compare numbers, then check the property and contract. Start a private flood and overland flow check, understand finance and building and pest conditions, or read about buying before selling.
Use Poket's private address-check entry point when you are ready to investigate a particular home.