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Mortgage Loan Calculator (Australian)

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Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances. You can even determine the impact of any principal prepayments. Press the report button for a full amortization schedule, either by year or by month.

Mortgage Loan Calculator (Australian) Definitions

Mortgage amount
Original or expected balance for your mortgage.
Interest rate
Annual interest rate for this mortgage.
Amortization period
The number of years over which you will repay this loan. The most common mortgage amortization periods are 20 years and 30 years.
Mortgage payment
Your principal and interest payment (PI) per period.
Payment type
The payment type determines the frequency of payments. Monthly will have 12 payments per year, weekly 52, bi-weekly 26 and bi monthly 24.

Fortnightly payments are a bi-weekly payment option where payments are calculated by taking your normal monthly payment and dividing it by two. Since you pay 26 fortnightly payments, by the end of each year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage.

Weekly payments work like fortnightly payments, except you have 52 weekly payments per year, each of which is 1/4 of a normal monthly payment for your selected term.

Total payments
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type
The frequency of prepayment. The options are none, weekly, bi-weekly, semi-monthly, monthly, yearly and one-time payment.
Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.
Savings
Total amount of interest you will save by prepaying your mortgage.
Report amortization
Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.