Calculate monthly repayments, total interest and see how extra payments save you thousands on any home loan.
On a $320,000 mortgage at 6.5% for 30 years, the monthly payment is $2,023. Total interest is about $408,100. An extra $200/month saves ~$95,000 in interest and pays it off 6 years early. A 15-year term costs $2,789/month but saves $227,880 in total interest.
| Loan Amount | 15 Years | 20 Years | 25 Years | 30 Years |
|---|---|---|---|---|
| $200,000 | $1,743 | $1,491 | $1,352 | $1,264 |
| $320,000 | $2,789 | $2,386 | $2,163 | $2,023 |
| $400,000 | $3,486 | $2,982 | $2,703 | $2,528 |
| $500,000 | $4,358 | $3,728 | $3,379 | $3,160 |
| $750,000 | $6,536 | $5,592 | $5,069 | $4,741 |
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.0% | $1,718 | $298,360 | $618,360 |
| 5.5% | $1,817 | $334,050 | $654,050 |
| 6.0% | $1,919 | $370,640 | $690,640 |
| 6.5% | $2,023 | $408,100 | $728,100 |
| 7.0% | $2,129 | $446,400 | $766,400 |
| 7.5% | $2,238 | $485,520 | $805,520 |
Your monthly mortgage payment is calculated using the standard amortization formula. Each payment consists of principal (reducing the loan balance) and interest (the cost of borrowing). In the early years, most of your payment goes toward interest. Over time, the principal portion grows as the balance decreases. This is why making extra payments early in the loan saves the most interest — each extra dollar directly reduces the balance that future interest is calculated on.
Use our country-specific calculators for region-specific features: Australia, UK, Ireland, New Zealand, South Africa, Singapore, UAE.
PMT = P × r × (1+r)^n / ((1+r)^n − 1). P = loan amount, r = monthly rate, n = total months. $320K at 6.5% for 30 years = ~$2,023/month.
At 6.5% over 30 years with $80K down ($320K loan): ~$2,023/month. Total interest ~$408,100. 15-year term: ~$2,789/month, saves ~$228K in interest.
$320K at 6.5%: ~$408,100 — more than the loan itself. Every 0.5% rate reduction saves ~$35-40K over 30 years.
15-year has higher payments but saves massively on interest. $320K at 6.5%: $408,100 interest (30yr) vs $180,220 (15yr) — a $227,880 saving.
Total housing cost should be ≤28% of gross monthly income. On $6,000/month that's ~$1,680, supporting roughly a $265,000 mortgage at 6.5%.
Yes. An extra $200/month on $320K at 6.5% saves ~$95,000 in interest and pays off 6 years early. Extra payments go directly to principal.
Fixed gives payment certainty. Variable starts lower but can increase. In rising rate environments, fixed is safer. In falling rate environments, variable or short-term fixed lets you benefit.
Even $200/month extra saves ~$95,000 and 6 years on a $320K/6.5% mortgage. Target early years for maximum impact — that's when the most interest accrues.
On $320K over 30 years, dropping from 7% to 6.5% saves ~$38,300. Shop multiple lenders and negotiate — a better credit score gets you a lower rate.
In the US, 20% down avoids PMI (~$100-300/month). In NZ, it avoids LEP. In AU, it avoids LMI. The threshold varies by country but 20% is the universal benchmark.
If you can afford the higher payment, a 15-year term saves more than $200K in interest on a $320K loan. The monthly difference is only ~$766 but the lifetime savings are enormous.
If rates drop 1%+ below your current rate, refinancing can save thousands. Factor in closing costs — typically break-even within 2-3 years.
Our country-specific mortgage calculators include local features like stamp duty, transfer duty, LVR/TDSR checks, and local rates — use those for accurate local planning.