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

$304,030 in today's dollars

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.

What changes the interest on a mortgage

•An extra repayment reduces the principal immediately, so interest for the remainder of the term is calculated on a smaller balance. The saving compounds, which is why a small amount early outweighs a larger one late.
•An offset account is a transaction account whose balance is subtracted from the loan balance before interest is worked out. Offset accounts commonly carry a package or account fee, and the money in them earns no interest of its own — the benefit is the interest not charged, at your loan rate.
•Repaying fortnightly at half the monthly amount makes 26 half-payments a year rather than 24, which is one extra month's repayment. Lenders differ on whether they recalculate interest daily and on whether they accept a half-monthly figure, so the effect depends on the loan.
•Refinancing replaces your rate, and also your term, your fees and your remaining balance. Discharge, application and valuation fees, and any restart of the term, offset part of the rate difference.

Frequently Asked Questions

Official Sources

Moneysmart home loans

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

About this calculator

This calculator exists to show you the arithmetic. It applies published Australian rates, thresholds and formulas to the numbers you enter and shows the working, so you can check it. That is all it does — it produces a number and describes what the number is. It does not recommend anything and it holds no opinion about any financial product.

What can move this result

It only knows the figures you type in. Offsets, deductions, prior-year losses, other income, your partner's position and anything you have not entered are not in the result, and any of them can move it a long way.
Rates and thresholds change, sometimes mid-year and occasionally with retrospective effect. Each calculator shows the financial year and the verification date it is working from — outside that year the result is wrong rather than approximate.
Assumptions are set to a reasonable default and every non-statutory one can be changed. Defaults are not predictions, and a small change to a growth or inflation assumption compounds into a large change in a long projection.
Where a result reaches two or more years into the future it is shown in today's dollars as well as future dollars, because a future-dollar figure overstates what the money will actually buy.
It is a generic calculator. It is not built around any particular product, it does not compare the market, and it cannot tell you whether a product is suitable for you.

This calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product. Before you make a financial decision, consider obtaining advice from someone who holds an Australian Financial Services Licence. We do not, and we cannot advise you.

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About this calculator

What can move this result

It only knows the figures you type in. Offsets, deductions, prior-year losses, other income, your partner's position and anything you have not entered are not in the result, and any of them can move it a long way.
Rates and thresholds change, sometimes mid-year and occasionally with retrospective effect. Each calculator shows the financial year and the verification date it is working from — outside that year the result is wrong rather than approximate.
Assumptions are set to a reasonable default and every non-statutory one can be changed. Defaults are not predictions, and a small change to a growth or inflation assumption compounds into a large change in a long projection.
Where a result reaches two or more years into the future it is shown in today's dollars as well as future dollars, because a future-dollar figure overstates what the money will actually buy.
It is a generic calculator. It is not built around any particular product, it does not compare the market, and it cannot tell you whether a product is suitable for you.