Home Loan Repayment Calculator

Frequently Asked Questions

How to figure out home loan payments?

We have provided a simple and easy to use home loan repayment calculator to help you quickly check what a likely monthly repayment would be on the home loan of your choice. To use our online calculator, firstly determine the mortgage principal amount. This is the amount you wish to borrow and does not include your deposit amount. For example, if you are interested in purchasing a property worth $500,000 and you already have $100,000 saved, then the total loan amount will be the remaining property value of $400,000 plus any fees and charges including Stamp Duty.

How does home loan repayment calculator work?

Using our home loan repayment calculator makes it easy to calculate the likely monthly or fortnightly repayments on a home loan of your choice. Simply input the total loan amount you are looking for, the likely mortgage term and the interest rate.

Our calculator returns an indicative repayment amount as well as a breakdown of how much interest you are likely to pay over the entire term of your mortgage. This is a great way to identify ways of reducing your interest payments to save you money in the long run.

How can you repay home loan sooner?

Repaying your home loan ahead of schedule will save you interest payments on your loan, reducing the total cost of the loan by potentially tens of thousands of dollars. To do this you will need to increase your regular repayment amount above the minimum required under the terms of your loan. Using our home loan calculator, you can check what a likely repayment amount is and then budget it into your current living expenses.

Once you have done that, you can quickly identify areas where you can afford to reduce spending to help you pay back your principal amount (the amount you have borrowed) sooner. Other insightful spending tools designed to help you control and monitor your spending are included as standard features with our savings and transactions accounts including purchasing analysis which shows you where you spend the most and how often you spend there. These smart tools are available via the MyState Bank App available on all mobile devices.

If you are not able to increase your loan repayment amount regularly then you may wish to make small or big payments when your cash flow allows. Every little bit helps and the sooner you repay your principal amount, the sooner you stop paying interest on it.

What happens to your home loan repayment when the interest rate changes?

There are two types of home loans available: fixed rate home loans and variable rate home loans. A fixed rate home loan means that you pay a fixed level of interest for the fixed rate term after which the loan reverts to a variable rate. A change to variable rates therefore will affect the total cost of a loan even for a fixed rate customer.

For customers with a variable interest rate home loan, your repayment amount will change when interest rates rise or fall. You can use our home loan repayment calculator or do your own manual calculations to check how an interest rate rise or fall will affect your repayment amount.

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