Westpac Mortgage Calculator
Repayment Estimate
Total Repayment
Total Interest
| Loan Amount | $500,000 |
| Interest Rate | 5.5% |
| Loan Term | 30 years |
| Repayment Frequency | Monthly |
| Loan Type | Principal & Interest |
| Period | Payment | Principal | Interest | Balance |
|---|
The Complete Guide to Westpac Mortgage Calculator
Introduction
Buying a home is one of the biggest financial decisions you’ll make, and understanding your mortgage repayments is crucial. That’s where the Westpac Mortgage Calculator comes in—a free, easy-to-use tool that helps you estimate your home loan repayments, interest costs, and more.
Westpac is one of Australia’s leading banks, offering a range of home loan options. Whether you’re a first-time buyer, refinancing, or investing in property, this calculator helps you plan your budget with confidence.
Table of Contents
Key Features of the Westpac Mortgage Calculator
The calculator is packed with useful features to give you a clear picture of your mortgage:
✅ Loan Amount Slider – Adjust from 50,000to50,000to5,000,000 to match your expected borrowing.
✅ Interest Rate Input – Enter any rate between 1% and 15% (you can use Westpac’s current rates or compare other lenders).
✅ Loan Term Selector – Choose a repayment period from 1 to 40 years.
✅ Repayment Frequency – Pick between monthly, fortnightly, or weekly payments.
✅ Loan Type Option – Compare Principal & Interest (standard home loan) vs. Interest-Only (common for investors).
✅ Instant Results – See your estimated repayments, total loan cost, and interest breakdown in seconds.
✅ Amortization Schedule – A detailed table showing how each payment affects your loan over time.
✅ Interactive Pie Chart – Visualize how much of your repayment goes toward the principal vs. interest.
How to Use the Westpac Mortgage Calculator – Step-by-Step Guide
Using the calculator is simple. Just follow these steps:
Input Overview:
Step 1: Enter Your Loan Details
- Loan Amount: Drag the slider or type in your expected mortgage amount.
- Interest Rate: Input the annual interest rate (check Westpac’s latest rates).
- Loan Term: Select how many years you’ll take to repay (e.g., 25 or 30 years).
Step 2: Choose Repayment Settings
- Frequency: Decide if you want to pay monthly, fortnightly, or weekly.
- Loan Type: Select Principal & Interest (most common) or Interest-Only (for investors).
Step 3: Click “Calculate”
The results will update instantly, showing:
- Your estimated repayment amount
- Total repayment over the loan term
- Total interest paid
- A pie chart breaking down principal vs. interest
Step 4: Explore the Amortization Schedule (Optional)
Switch to the “Amortization Schedule” tab to see a year-by-year breakdown of how your loan balance decreases over time.
Output Overview:
After entering your details, the calculator provides:
📌 Estimated Repayment – How much you’ll pay each month/fortnightly/weekly.
📌 Total Loan Cost – The full amount you’ll repay, including interest.
📌 Interest Payable – How much extra you’ll pay on top of the loan amount.
📌 Payment Breakdown – A chart showing how much goes toward the loan principal vs. interest.
📌 Amortization Table – A detailed schedule of each payment’s impact on your loan.
Example Calculation:
| Loan Amount | Interest Rate | Loan Term | Repayment Frequency | Estimated Repayment |
|---|---|---|---|---|
| $500,000 | 5.5% | 30 years | Monthly | $2,832 |
Total Repayment: 1,019,422 ∗∗Total Interest:∗∗519,422
How Does the Mortgage Calculator Work?
The calculator uses standard mortgage formulas to estimate repayments.
For Principal & Interest Loans:
The formula calculates fixed repayments where you pay both principal and interest over time.
Where:
- P = Loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total number of payments (years × 12)
For Interest-Only Loans:
Your repayments only cover the interest for a set period.
Final Thoughts
What are the benefits of Westpac’s Mortgage Calculator?
- It’s 100% free and easy to use.
- Helps you compare different loan scenarios.
- Gives a realistic estimate before applying for a loan.
- Specially designed for Westpac home loan