Australian Mortgage Calculator
Australia – Home loans
Home loan repayment calculator with LMI
Estimate your Australian monthly mortgage repayment, with Lenders Mortgage Insurance added automatically when your deposit is under 20%.
Enter mortgage details
Monthly repayment
$4,779.10
Principal & interest
Loan amount
$780,300
Incl. $15,300 LMI
Total interest
$940,174
Over 30 years
Lenders Mortgage Insurance applies
Your deposit is under 20%, so Lenders Mortgage Insurance is charged — roughly 2.0% of the loan = $15,300, added to your mortgage. Reaching a 20% deposit avoids LMI entirely.
What this means
On an $850,000 property with $85,000 deposit, your loan is $780,300 (including LMI), giving a monthly repayment of $4,779.10 and about $940,174 in interest over 30 years.
- A 20% deposit avoids LMI, which can add thousands to your loan.
- Remember to budget for stamp duty on top — it varies by state.
- Estimates exclude fees, offset accounts, and rate changes.
Deposit, LMI, and your repayment
Your repayment depends on the loan size, rate, and term. The loan is the property price minus your deposit — plus Lenders Mortgage Insurance if your deposit is under 20%. LMI can add thousands to the loan, so the calculator shows it separately and how a 20% deposit removes it. Remember to budget for stamp duty on top, which varies by state.
Example
On an $850,000 property with an $85,000 (10%) deposit at 6.2% over 30 years, LMI is added to the $765,000 base loan, and the calculator shows the resulting monthly repayment and total interest. Increase the deposit to 20% and the LMI disappears, lowering your loan and payment.
Limitations & disclaimer
Estimates exclude fees, offset accounts, redraw, rate changes, and the exact LMI premium (which varies by lender and insurer). This is not a loan offer or financial advice — confirm figures with your lender or mortgage broker.
FAQs
How is an Australian mortgage repayment calculated?
The calculator amortizes your loan — property price minus deposit, plus any Lenders Mortgage Insurance — over your chosen term at your interest rate, to produce a monthly principal-and-interest repayment.
What is LMI (Lenders Mortgage Insurance)?
If your deposit is under 20%, lenders charge LMI to protect themselves if you default. It typically costs 1%–3.5% of the loan depending on your deposit and is usually added to the mortgage. A 20% deposit avoids it.
How much deposit do I need in Australia?
Many lenders accept a 5%–10% deposit, but under 20% you pay LMI. A 20% deposit avoids LMI and usually secures better rates. First-home buyer schemes can also reduce or waive LMI.