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Home Loan Calculator - Fortnightly Repayments Calculator

This calculator will show how much interest and time you'll save if you make half of your monthly repayment every two weeks instead of just once per month.


How fortnightly repayments can reduce the life of your home loan

If you’re currently paying off your home loan on a monthly basis, there may be an opportunity for you to save both money and time from your loan by switching to fortnightly repayments. By making 26 fortnightly home loan repayments instead of 12 monthly payments, you’re essentially making one additional monthly payment off your loan a year, shortening the life of the loan and lowering the amount you need to pay.

This calculator uses your initial loan value, current interest rate and the number of repayments you have already made on your loan to calculate your potential savings. You’ll be able to see in the results that making more frequent repayments – fortnightly and weekly – enables you to pay off your mortgage more quickly and reduce the total amount repaid on the loan.

If you’d like to know how additional repayments can further affect the length of your loan, get in contact with a Mortgage Choice broker today.

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The results from these calculators are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.

Disclaimer - Borrowing power: The borrowing amount is a guide only. Loan repayments are based on the lowest interest rate (either standard variable or 3-year fixed rate, owner occupier) from our lender panel over a repayment period of 30 years. Rates and repayments are indicative only and subject to change. The results from this calculator are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.

Disclaimer - Loan Repayments: The lowest interest rate from our lender panel is either standard variable or 3-year fixed for an owner-occupier. Rates and repayments are indicative only and subject to change. The results from this calculator are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.

 

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