What are the repayments on a $600,000 home loan?
On a $600,000 loan at 5.5% over 30 years, monthly repayments are approximately $3,407 ($1,703 fortnightly). Switching to fortnightly repayments saves around 4 years and over $70,000 in total interest — simply by paying half the monthly amount every two weeks instead of once a month.
- •$500,000 at 5.5% over 30 years: ~$2,839/month, total interest ~$522,000
- •$800,000 at 5.5% over 30 years: ~$4,542/month, total interest ~$834,000
- •Every 0.5% rate increase on $600,000 adds approximately $180/month to repayments
Repayment Calculator
Monthly, fortnightly or weekly — see what you actually pay
Monthly Repayment
$3,792
Total repaid
$1,365,267
Total interest
$765,267
Interest vs Principal — Year by Year
The earlier you make extra repayments, the more interest you save.