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Fortnightly repayment calculator

Fortnightly repayment calculator

Are you currently making monthly repayments on your home loan? You might be surprised to know the difference that can be made by making more regular payments – fortnightly or weekly. With our fortnightly and weekly repayment calculator, we’ll show you how much interest you’ll pay by switching up your payment frequency, and therefore how much you’ll save compared to a monthly cycle. It also features the time-saving aspect, demonstrating how you could pay off your mortgage sooner by making this simple adjustment (similar to our How long to repay calculator). All you have to do is input your loan amount, interest rate and loan term, and the calculator does the rest! A simple way to visualise the reason why this makes a difference is that there are 26 fortnights in a year – so you’ll be paying the equivalent of 13 monthly instalments rather than the usual 12, at only a small increase per payment. Chances are you won’t even notice the difference, and on the side you’ll be putting a solid dent in the loan balance over time.

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