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Repayments on a $1.2 million Mortgage in Australia
A $1.2 million home loan at 6.0% over 30 years costs about $7,195 a month. Compare rates, fortnightly repayments and total interest.
1. Your loan
Repay
Your repayment
$7,194.61 a month
on a loan of $1,200,000
💡 Ways to pay less
- Paying fortnightly with half your monthly repayment makes 13 monthly repayments a year and cuts years off the loan.
- Even small extra repayments early in the loan save a lot of interest.
- An offset account reduces the interest you're charged by your savings balance.
- Ask your bank for a better rate every year, or compare and refinance.
An estimate for a principal-and-interest loan at a fixed rate for the whole term. Real repayments change when rates change, and fees aren't included. Not financial advice. 🔒 Everything stays on your device.
📚 Official sources: Moneysmart home loans
We build every tool from the official rules and re-check them when they change. Always confirm with the official source before you rely on a result.
🛠️ Spotted a mistake or an out-of-date rule? Tell us
Repayments on a $1.2 million loan at different rates
Borrowing $1.2 million at 6.0% over 30 years costs about $7,195 a month, or $3,319 a fortnight. Over the full term you would pay about $1,390,058 in interest.
Over 25 years instead, the monthly repayment rises to $7,732 but you save about $270,573 in interest. Every 0.5% change in the rate moves the monthly repayment by roughly $390.
Paying half the monthly amount every fortnight ($3,597) adds up to one extra monthly repayment a year and finishes the loan years sooner.
| Interest rate | Monthly | Fortnightly | Total interest (30 yrs) |
|---|---|---|---|
| 5.00% | $6,442 | $2,972 | $1,119,069 |
| 5.50% | $6,813 | $3,143 | $1,252,848 |
| 6.00% | $7,195 | $3,319 | $1,390,058 |
| 6.50% | $7,585 | $3,499 | $1,530,534 |
| 7.00% | $7,984 | $3,683 | $1,674,107 |
Principal and interest, 30-year term, interest charged monthly. Rates are examples; use your lender's rate in the calculator above.
Questions people ask
How are mortgage repayments worked out?+
Repayments are set so the loan and all its interest are paid off by the end of the term. Interest is charged on the balance each month, so early repayments are mostly interest and later ones mostly principal.
Is fortnightly better than monthly?+
Paying exactly the fortnightly equivalent makes little difference. Paying half your monthly repayment every fortnight does: there are 26 fortnights a year, so you pay one extra month a year and finish the loan years earlier.
What is LMI?+
Lenders Mortgage Insurance protects the bank, not you. It's usually charged when you borrow more than 80% of the property's value. Government schemes such as the Home Guarantee Scheme can let eligible buyers avoid it.
How much do extra repayments save?+
Enter an amount in 'Extra repayment' to see it. On a $600,000 loan at 6% over 30 years, an extra $500 a month saves well over $200,000 in interest.