Repayment Calculator
Found a place you like? Put in the price and your deposit and see what the repayments would be at the market average rate, or at any rate you have been quoted.
The purchase
Principal and interest.
Below a 20% deposit most lenders add lenders mortgage insurance (LMI), which is not included here. Government schemes can remove it for some buyers. The 15-minute call covers whether you qualify.
An estimate of principal and interest repayments only. Stamp duty, lenders mortgage insurance, fees and rate changes are left out. The market average is indicative and is not a rate offered by Dash Money Solutions. This is general information, not a quote or credit advice.
How this works
Your deposit comes off the price and the rest is the loan. We work out the principal and interest repayment that clears that loan over the term you choose, at the rate shown. The fortnightly figure is the yearly total divided by 26. Total interest is everything you would repay over the term, less the loan itself. Nothing is stored and nothing is sent anywhere.
- The rate starts at the market average, an indicative owner-occupier variable rate updated monthly. It is not a rate we advertise. Change it to any rate you have been quoted.
- Principal and interest repayments, paid monthly, with the rate unchanged for the whole term.
- Stamp duty, lenders mortgage insurance, fees and offset balances are left out.
Questions people ask
Lenders generally look for 20% to avoid lenders mortgage insurance. Many will lend with 5 to 10% and add LMI, and government schemes help some buyers in sooner without it. What suits you depends on your income, your savings history and the property.
No. There are 26 fortnights in a year, so the fortnightly figure is the yearly total divided by 26. If you pay half the monthly amount every fortnight instead, you make the equivalent of one extra monthly repayment each year and the loan finishes noticeably sooner.
This shows what a loan costs, not whether a lender will approve it. Lenders test your repayments at a higher rate and look at your income, expenses and debts. The Borrowing Power tool gives an indicative figure, and the 15-minute call gives a real one.