Repayment calculator.

The number above is what a lender would expect you to pay each period to fully amortise the loan — that is, to bring the balance from your starting principal down to zero over the term you've entered. It's calculated from three inputs: the loan amount, the annual interest rate, and the term in years. The maths is rigid; the assumptions are not.

A Principal & Interest (P&I) repayment covers both the interest accruing on the loan and a slice of the principal. Each repayment retires a little more of the balance, and the share of interest in each payment falls over time. An Interest Only (IO) repayment covers only the interest for a fixed period — typically one to five years — after which the loan reverts to P&I and the repayment recalculates over the remaining term. The IO figure is lower, but the principal stays where it started.

Switching the frequency changes more than the cadence. Twenty-six fortnights of half your monthly payment is not the same as twelve full monthly payments — it is, in effect, thirteen. That extra payment per year compounds against the principal and can shorten a 30-year loan by several years without changing the headline rate. Whether your lender treats fortnightly that way, or simply averages it out, is worth confirming before you commit.

This is an indicative number. It assumes the rate stays where you've entered it for the full term, no fees are paid alongside, and you make no extra repayments or withdrawals through an offset or redraw. Variable rates move. Fixed terms end. Offset balances reduce the interest portion without changing the payment. Treat this number as a planning anchor, not a quote.