Home loan repayments
Fortnightly Repayment Calculator
Paying half the monthly repayment every fortnight adds up to one extra monthly repayment a year. See what that saves.
- Cost
- Free
- Your figures
- Stay in your browser
- Method
- Set out below
Interest saved
$148,872
Paying half the monthly repayment every fortnight clears the loan 5 years 6 months sooner.
- Monthly repayment
- $3,597.30
- Fortnightly repayment
- $1,798.65
- Weekly repayment
- $899.33
Estimate only, based on the figures entered and the assumptions listed below. It is not a quote, an offer of credit or personal advice.
Loan balance over time
What you would still owe at the end of each year paying monthly, and paying half that amount every fortnight.
- Monthly
- Half monthly, fortnightly
Monthly ends at $0. Half monthly, fortnightly ends at $0.
Show the figures as a tableHide the table
| Point | Monthly | Half monthly, fortnightly |
|---|---|---|
| Start | $600,000 | $600,000 |
| End of year 1 | $592,632 | $588,919 |
| End of year 2 | $584,809 | $577,153 |
| End of year 3 | $576,504 | $564,661 |
| End of year 4 | $567,687 | $551,397 |
| End of year 5 | $558,326 | $537,314 |
| End of year 6 | $548,388 | $522,361 |
| End of year 7 | $537,836 | $506,484 |
| End of year 8 | $526,634 | $489,627 |
| End of year 9 | $514,741 | $471,729 |
| End of year 10 | $502,114 | $452,725 |
| End of year 11 | $488,709 | $432,547 |
| End of year 12 | $474,477 | $411,124 |
| End of year 13 | $459,367 | $388,377 |
| End of year 14 | $443,325 | $364,225 |
| End of year 15 | $426,293 | $338,582 |
| End of year 16 | $408,211 | $311,354 |
| End of year 17 | $389,014 | $282,445 |
| End of year 18 | $368,633 | $251,751 |
| End of year 19 | $346,994 | $219,161 |
| End of year 20 | $324,022 | $184,558 |
| End of year 21 | $299,632 | $147,817 |
| End of year 22 | $273,738 | $108,808 |
| End of year 23 | $246,246 | $67,389 |
| End of year 24 | $217,060 | $23,412 |
| End of year 25 | $186,073 | $0 |
| End of year 26 | $153,174 | |
| End of year 27 | $118,247 | |
| End of year 28 | $81,165 | |
| End of year 29 | $41,797 | |
| End of year 30 | $0 |
Monthly, fortnightly and weekly
The fortnightly repayment is half the monthly one and the weekly repayment a quarter of it, each kept up until the loan is cleared.
| Measure | Monthly | Fortnightly | Weekly |
|---|---|---|---|
| Repayment | $3,597.30 | $1,798.65 | $899.33 |
| Time to repay | 30 years | 24 years 6 months | 24 years 6 months |
| Total interest | $695,029 | $546,157 | $545,497 |
| Interest saved | $0 | $148,872 | $149,532 |
| Time saved | None | 5 years 6 months | 5 years 6 months |
How this calculator works
There are 26 fortnights in a year but only 12 months, so paying half the monthly amount every fortnight makes 13 monthly repayments a year instead of 12. Paying a quarter every week does the same.
The extra repayment comes off the principal, which is why the loan finishes years early on the same budget.
Assumptions
- The fortnightly repayment is half the monthly repayment, and the weekly repayment a quarter of it.
- Interest is charged at each repayment frequency: the annual rate divided by 12, 26 or 52. A year is taken as 52 weeks or 26 fortnights.
- The interest rate stays the same for the whole term.
- Repayments are principal and interest, made at the end of each period.
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