Mortgage Calculator

Backed by Experts

Our Mortgage Calculator is backed by insights from Carlisle Homes’ finance experts to reflect current Australian home loan conditions. With a deep understanding of the local market, this tool helps give you confidence as you plan for your new home. While the calculator provides a helpful starting point, we recommend consulting with our experts for a more tailored financial plan.

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How to calculate mortgage repayments?

You must know the loan amount, interest rate, and term to calculate your mortgage repayments. The calculation typically uses a formula that considers the loan interest and the repayment period.

How accurate are these estimates?

Our mortgage calculator provides an estimate based on the details you enter, such as your loan balance, interest rate, and loan term. While the calculator is a helpful guide, it’s important to consult with a financial expert for more accurate figures, especially if you're considering making extra repayments or adjusting the loan terms.

Can I use this calculator for different loan types?

Yes, you can use our calculator for various loan types, including principal and interest repayments, interest-only repayments, and both fixed-rate and variable-rate home loans. It’s a flexible tool designed to accommodate different mortgage structures and help you better understand your home loan repayments.

How often are the interest rates updated?

The interest rates used in this calculator are based on current market data but may not always reflect the latest changes. If you're comparing fixed-rate periods or considering switching to a variable-rate home loan, it’s best to check with your lender for the most up-to-date rates.

What’s the difference between principal and interest repayments and interest-only loans?

With principal and interest repayments, you pay down both the loan balance and the interest each month, gradually reducing the amount owed. In contrast, interest-only loans involve paying interest only for a set period, which keeps your monthly repayments lower but doesn’t reduce your loan balance during that time.

Can I make extra repayments on a variable-rate home loan?

Yes, most variable rate home loans allow you to make extra repayments without penalties, which can help reduce your loan term and the overall interest you’ll need to pay interest on. It’s a great way to save money and pay off your mortgage faster.

Do mortgage repayments decrease over time?

For most fixed-rate loans, your mortgage repayments stay the same throughout the loan term, as both the principal and interest portions are structured to ensure consistent payments. However, with variable-rate loans, your repayments may decrease or increase over time depending on changes in the interest rate. Additionally, as you pay down the loan, a larger portion of your repayment goes toward reducing the principal rather than paying interest, but the overall payment amount typically remains the same.

How much does an extra mortgage payment save?

Making an extra mortgage payment can significantly reduce both the principal balance and the total interest paid over the life of the loan. The exact savings depend on the loan amount, interest rate, and how early the extra payments are made. The earlier you make extra payments, the more you’ll save. Even a single extra payment per year can reduce the loan term and potentially save thousands in interest costs.