Calculators
Loan repayment calculator.
Punch in the loan, the rate and the term. We'll show you the monthly repayment and the interest you'll pay over the life of the loan.
How to use this
Principal and interest, or interest only
Principal and interest repayments pay down the debt, so the balance falls and so does the interest charged over time. Interest only repayments are lower but the balance does not move, and when the interest only period ends the repayment steps up sharply because the same principal now has fewer years to be repaid over.
Why the term matters as much as the rate
A longer term lowers the repayment and raises the total interest, sometimes dramatically. Run the same loan over 25 and 30 years and compare the total rather than the monthly figure. This is also the trap in refinancing: resetting to a fresh 30 year term makes the repayment look better while costing more overall.
What extra repayments do
Extra repayments come off the principal, so they reduce both the balance and every future interest charge. Early extra repayments are worth far more than later ones, because they remove interest for longer. Modelling a modest regular extra amount is usually more revealing than chasing a slightly lower rate.
Frequently asked questions
Should I choose a 25 or 30 year loan term?
A 30 year term gives a lower repayment and costs more in total interest. A 25 year term costs less overall but demands more each month. If cash flow allows, a shorter term or voluntary extra repayments on a 30 year loan both work.
How much do extra repayments really save?
More than most people expect, because every extra dollar removes interest for the whole remaining term. Extra repayments made early are worth considerably more than the same amount paid years later.
Why does my repayment jump after an interest only period?
Because the principal has not reduced and it now has to be repaid over fewer remaining years. The step up can be substantial, and it is worth modelling before choosing interest only rather than after.
Does this include fees?
No. Application, ongoing and settlement fees are excluded, and on loans with similar rates the fees are often what separates them. Compare the total cost rather than the rate alone.
How does an offset account change this?
An offset reduces the interest charged without reducing the loan balance, so the effect is not visible in a standard repayment calculation. If you hold meaningful savings, it can be worth more than a small rate discount.
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