Mortgage Calculator- What will my mortgage repayments be?

How does the mortgage calculator work?

The mortgage calculator has a number of variables and these all impact the final calculation in different ways. Below we will go through these step by step:

Loan Amount

This is the total loan that you will have to back to a specific lender. It is important to remember that this is not the purchase price of the property that you are looking to buy as you will generally be required to put down a deposit. 


This is the overall interest rate that you will pay on the loan. This does change overtime, so it is a good idea to look at what the repayments would be if you got the lowest possible rate right now and then compare that with your repayments if interest rates were to spike by a few percent. 


This is the length of time you are planning to take to repay your loan to the bank, generally, 30 years. 

Loan Type

There are two loan types that you can get:

  • Principal and Interest
  • Interest Only

Principal and Interest loans mean that with each repayment you are paying off accrued interest on the loan and some portion of the principal. 

Interest only loans mean that you will only pay interest on your loan and not pay back any principal or decreasing the loan size.  

Payment Frequency

This is the frequency at which you plan to pay back your loan. Generally, borrowers will align the payment frequency of their loan to their income i.e. if you get paid fortnightly you could set your repayment frequency to fortnightly.  

After you have used the mortgage calculator above, what are the next steps?

Now that you know what your repayments look like and you feel comfortable that this is something that you can afford, now how do you start the process of actually applying for a mortgage?

This is where we are here to help you! 

There are many advantages of using a mortgage broker instead of going to the bank. Here are just a few: 

  • We know the interest rates and application criteria for different lenders. We can use this information to our advantage and negotiate the best overall deal for you. 
  • We can help you work out strategies to pay off your loan faster, saving you money in the long run. 
  • We help you navigate the home buying process. Depending on your personal situation this can be very tricky to try and navigate on your own. 
  • Our services are generally free. We only charge for services when it is something complex and we will be completely upfront with you about this. 

Just some of the providers we work with:

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