Home loan planning
Interest Only Mortgage Calculator
Compare estimated interest-only repayments with principal and interest repayments over a selected loan term.
Use the calculator
What this result means
The result is an estimate produced from the information and assumptions entered. It is not a credit assessment, approval, quote or recommendation. Actual lender calculations can use different assessment rates, income treatment, living expenses, fees and product rules.
Rates, government charges, grants and eligibility rules can change. Confirm important figures with the relevant lender, revenue office or qualified adviser before making a financial or property decision.
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How to use the Interest Only Mortgage Calculator
The interest-only mortgage calculator can help you compare estimated interest-only repayments with principal and interest repayments. First, start with the loan amount, rate, term and length of the interest-only period. Next, try more than one scenario so you can see how a different rate, amount or timeframe changes the estimate.
What the result means
Then use the result as an early planning figure and a prompt for further questions. However, it is not a loan quote, approval, credit assessment, tax calculation or personalised recommendation. Actual outcomes depend on the information supplied and the rules, rates, fees and assumptions that apply at the time.
Check the assumptions
For example, use current figures wherever possible. Also include known fees and commitments, and check whether the calculator assumes that rates or costs remain unchanged. In addition, a lender may use different assessment rates, expense measures and policy rules from the figures shown here.
- Test a realistic base case.
- Run a higher-cost or higher-rate scenario.
- Keep a note of the inputs so comparisons use the same assumptions.
For an independent comparison point, see Moneysmart’s Mortgage calculator. Finally, treat calculator outputs as general information and check them before you make a financial decision.