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Mortgage Repayment Calculator

Calculate your monthly home loan repayment instantly. See exactly how much your mortgage will cost each month, plus total interest over the life of the loan.

Free & Instant · No Data Collection · Accurate Calculation
ⓘ Disclaimer: This calculator estimate is based on general lending criteria and is NOT a guarantee of the actual repayment you'll pay. Actual repayments depend on your lender, interest rate, loan features, and circumstances. Rates and lending criteria vary by lender. Confirm your actual repayment with your chosen lender before applying.

Calculate Your Repayment

$

Use our borrowing power calculator if unsure

%

Current rates: 5.5% – 6.5% (ASIC MoneySmart)

Your Repayment

$3,600

per month

Total Interest

$696,000

Total Amount Paid

$1,296,000

Interest vs Principal

Principal 50%
Interest 50%

You'll pay more interest early on. Additional repayments can significantly reduce the total interest.

How to Use This Calculator

Enter your loan amount, interest rate, loan term, and desired payment frequency to see your monthly repayment instantly. Our calculator uses industry-standard formulas to compute exact figures.

Understanding Your Repayment

  • Loan Amount: The total amount you're borrowing (after your deposit)
  • Interest Rate: The p.a. rate charged by your lender (varies by product and borrower)
  • Loan Term: How many years you have to repay (most Australians choose 30 years)
  • Payment Frequency: Monthly, fortnightly, or weekly (more frequent = less total interest)

Key Takeaways

  • Interest rates are currently 5.5–6.5% for new customers (ASIC MoneySmart)
  • Fortnightly and weekly payments reduce total interest vs monthly
  • Extra repayments (even small amounts) can save tens of thousands in interest
  • A broker can often find rates or products lower than your bank offers

Frequently Asked Questions

The average mortgage repayment in Sydney depends on the loan amount and interest rate. For a $600,000 loan at 6% over 30 years, the monthly repayment would be approximately $3,600. However, repayments vary significantly based on individual circumstances.
Use the formula: Monthly Payment = Loan Amount × [Rate(1+Rate)^n] / [(1+Rate)^n-1], where Rate is monthly interest rate and n is total number of months. Our calculator does this automatically.
On variable rate loans, repayments increase when interest rates rise. On fixed-rate loans, repayments stay the same until the fix period ends. Using this calculator with higher rates helps you plan for potential increases.
Fortnightly payments (26 per year) result in 13 monthly payments annually, paying off your loan faster than monthly payments (12 per year). Weekly payments (52 per year) pay off even faster. However, you save more total interest with more frequent payments.
A $600,000 mortgage's monthly cost depends on the interest rate and term. At 6% over 30 years, it's approximately $3,600 per month. At 5% it's $3,220, and at 7% it's $3,990. Use our calculator to see your specific repayment.

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