Mortgage Repayments

We’ve assumed a fixed rate over the life of the loan. While you can usually fix the rate for a time, you’ll generally have at least some variability in your mortgage rate over a 30-year term.

While you can add fees into the calculator as well, banks may change their fees from time-to-time, and may have different rules about minimum repayments. This calculator is just a rough estimate – the only person who can tell you the true monthly repayment is the one giving you the loan.

The total repayments show the loan amount plus the interest paid over the life of the loan. It can be a bit confronting to see the total amount if you hadn’t considered it before, but to put it into perspective, this interest is paid over decades on the biggest purchase of your life.

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Interest rates change all the time, so it’s important to consider your capacity to repay the debt not just in the current interest rate environment, but in potential future scenarios as well. 2% up or down might seem like a big change but remember that this is a long-term loan (generally spanning decades) so a lot can change in that time. If you could afford the property now but not if interest rates rose 2%, you might need to consider if you’re overextending yourself.