Home loan repayment calculator

Use our calculator to get an idea of what your mortgage repayments might be.

We can help you understand how your repayments could change if you choose to pay principal and interest or interest only, as well as how much you could save by making extra repayments.

Please note: only selected products are available in calculators. For assistance with other products please contact us.

$2,000 cashback when you refinance to us

If you’re eligible and you apply to move your home loan to us by 28 February 2023, you could get less home load with $2,000 cashback. 1

Loan must be funded by 30 April 2023. Min. refinance amount $250k. For borrowings up to 90% (including lenders mortgage insurance) of the property value. Excludes refinances from Bankwest and CommBank. Eligibility requirements and T&Cs apply.

Image for illustrative purposes only.

Home loan repayments FAQs

Making extra repayments is a great way to pay off your mortgage sooner. Even small, frequent additional repayments can have a huge impact. Some home loans, generally fixed, allow you make extra repayments up to a certain amount and others, generally variable, allow you to make unlimited repayments.

Interest is calculated daily and raised monthly on your due date every month.

Principal and interest repayments means your regular home loan repayments pay down both the amount you’ve borrowed (the principal) and the interest you’ve accrued.

Read this guide to understand why you might choose to pay principal and interest.​

If you’re making interest only repayments then you’re only paying down the interest on your loan for a set period of time, usually one to five years. When you repay interest only, the total amount borrowed (the principal) will not reduce.

​Read this guide to understand why you might choose to pay interest only.​

The short answer is yes, it could help lower your repayments. An offset account is a bank account that’s linked to your home loan. The money that you keep in it is ‘offset’ against your home loan balance. What this means is that the balance of your offset account is included in the daily interest calculation – reducing the total interest you need to repay and therefore your repayments are reduced too. ​

Find out more about using an offset account to help you repay your mortgage faster.​

Still exploring your options?

Your home ownership journey

Whatever stage you're at, get more guidance on your home ownership journey.

Explore our home loans

Whether you’re buying your first home, next home or an investment property, we’ve got a range of home loans to help you get there.

Read more about this topic

Handy guides to help you understand the numbers and make your home ownership journey simpler.

More home loan calculators

Use these mortgage calculators to guide you in your home ownership journey. Or, view all home loan calculators.

Calculate your borrowing power

Calculate your borrowing power and what your repayments might be.

Calculate home loan offset savings

Find out how much you could save on your home loan interest by using an offset account.

Calculate home loan fees and stamp duty

Get an estimate on stamp duty, LMI and other non-standard home buying fees that come with purchasing a property.

Calculate how much you could save

Compare repayments to find out whether refinancing your loan could save you money on interest.

Home insurance

Home insurance is essential when getting a home loan. We can arrange building and contents insurance through our partner CommInsure.

Take the next step

Talk to a Home Lending Specialist about your mortgage repayments. You can talk on the phone, meet at a branch, or have a Mobile Lending Manager come to you.

What’s the difference between a property to live in, and an investment purpose?
Loans for an investment purpose (also known as investor loans) include – but aren’t limited to – loans where the predominant part of the loan is used to invest in shares, land, construction or an established dwelling (including refinance of investment loans).

Loans for a property to live in (also known as owner-occupier loans) include – but aren’t limited to –  loans to fund the purchase of a property or refinance an existing loan, where the borrower currently resides or intends to reside in the property. 

Other conditions apply. 

What's the comparison rate?
It’s a tool that can help you identify the truer cost of a loan. It’s calculated using a standard formula that includes the interest rate, as well as certain fees and charges relating to a loan (not all fees and charges are included).

Comparison rate warning:
Comparison rate is calculated on the statutory assumption of $150,000 loan over 25 years but the minimum required loan amount is $200,000 for the Complete Home Loan Package. Different rates apply for different loan amounts and may depend on the duration of a fixed rate period or the ratio of the loan amount to the property value. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

  1. Home loan cashback promotion is available to Australian residents aged 18+ who refinance a property with a new Bankwest home loan.

    • Home loan application must be submitted for full approval within the promotional period 12 November 2020 and 28 February 2023
    • Home loan must be funded on or before 30 April 2023​
    • Lending must be new to Bankwest (refinances of existing Bankwest and CommBank loans are excluded from this offer)​
    • Lending must not exceed a loan to value ratio (LVR) of 80% for applications received from 12 November 2020 to 14 September 2021​​
    • Lending must not exceed a LVR of 90% (including lenders mortgage insurance) for applications received from 15 September 2021 to 28 February 2023
    • Repayment type can be principal and interest or interest only
    • Available on owner occupier and investor home loans
    • Minimum home-loan-specific refinance amount ≥$250k (excludes debt consolidation of personal loans and credit cards)
    • Any available Bankwest home loan product is eligible
    • Normal lending policies apply
    • This offer is not available in conjunction with any other promotions
    • Only one cashback per Eligible Customer. Only one cashback per eligible home loan. Where a home loan has more than one applicant and one applicant receives the cashback, all applicants are deemed to have received the cashback. Maximum cashback amount of $2,000
    • Eligible customers will receive $2,000 cashback transferred electronically into their new home loan account.

    See full T&Cs (PDF)

The information contained in the FAQs is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in the FAQs without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.