How much are repayments on a $500,000 mortgage?

At 6.5% over 30 years, monthly repayments are around $3,160. Fortnightly repayments would be about $1,456 and weekly around $728.

How much interest will I pay over the life of the loan?

On a $500,000 loan at 6.5% over 30 years, you'll pay roughly $637,000 in interest — more than the original loan amount. Extra repayments can significantly reduce this.

What is an offset account?

An offset account is a transaction account linked to your mortgage. The balance offsets your loan balance when calculating interest, so $50,000 in offset on a $500,000 loan means you only pay interest on $450,000.

Should I fix my interest rate?

Fixed rates offer certainty but less flexibility. If you expect rates to rise, fixing part of your loan can provide a balance between security and flexibility.

Mortgage Calculator Australia

Calculate your home loan repayments, see how extra repayments save interest and how offset accounts work

Enter your loan details below to see your repayment schedule and total interest costs. This calculator helps you understand the impact of extra repayments and offset accounts on your mortgage.

Loan Details

Enter your mortgage details to calculate repayments

Loan Amount ($)

Interest Rate (% per annum)

Loan Term (years)

Repayment Frequency

Optional Features

Extra Repayments ($ per period)0

Offset Account Balance ($)

An offset account reduces the interest you pay by offsetting your loan balance

Summary

Making extra repayments could reduce total interest. Try adding an amount above.

Over the loan term you'll pay $637,722 in interest.

Repayment Summary

Your regular mortgage repayments

Regular Repayment

$3,160

per month

Total Interest

$637,722

over loan term

Repayment Breakdown

Weekly

$729

Fortnightly

$1,459

Monthly

$3,160

Total Repayments

$1,137,722

Loan Term

360 months (30 years)

How to Use This Calculator

1Enter your loan amount (the total you're borrowing)
2Set the interest rate — check your lender's current rates
3Choose your loan term (typically 25–30 years)
4Select your repayment frequency (weekly, fortnightly or monthly)
5Optionally add extra repayments or an offset account balance to see how they reduce your interest

What Is a Mortgage?

A mortgage is a loan used to buy property. You borrow money from a lender and repay it over time with interest. The property acts as security for the loan, meaning the lender can sell it if you don't keep up with repayments.

Most Australian mortgages are principal and interest loans, where each repayment covers some of the amount borrowed (principal) plus interest charges. Interest-only loans are also available but cost more over time.

Factors That Affect Your Repayments

Loan amount: The more you borrow, the higher your repayments. A larger deposit reduces what you need to borrow.
Interest rate: Even small rate differences add up over time. Compare rates and consider fixing part of your loan if you want certainty.
Loan term: A longer term means lower repayments but more interest paid overall. A 25-year term costs less interest than 30 years.
Repayment frequency: Paying fortnightly instead of monthly means you make 26 half-payments per year (equivalent to 13 monthly payments), which pays off your loan faster.

How to Pay Off Your Mortgage Faster

•Make extra repayments when you can — even small amounts reduce the principal and save interest
•Use an offset account to reduce the balance your interest is calculated on
•Switch to fortnightly repayments to make an extra month's payment each year
•Review your rate regularly and refinance if you can get a better deal

Frequently Asked Questions

Official Sources

Moneysmart home loans

ATO rates checked against official sources — verified 3 July 2026

Estimates only. Not financial or tax advice. Full disclaimer for your rights and our limitations of liability.

Rates and thresholds last updated for the 2026–27 financial year.

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