Commbank Loan Calculator

It uses the standard loan formula:

M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)

• P = the amount you borrow
• r = your yearly rate divided by the number of repayments in a year
• n = the total number of repayments

The Step-by-Step Solution box shows the formula filled in with your own numbers.

At 6.09% over 30 years, monthly repayments are about $3,935 and you pay around $766,000 in interest. That is more than the amount you borrowed. Adding $200 extra each month cuts years and tens of thousands of dollars off that total.

Interest is charged every period, not once a year. Each charge sits on top of the last one, which is called compounding. So a 6.09% rate paid monthly really costs about 6.26% a year. The EAR box shows this true yearly figure.

It rolls your upfront fees and your ongoing fee per repayment into the interest rate. It does not include fees you may never pay, like late fees or early exit fees. Use it to compare two loans fairly.

Because of your extra repayments, lump sums and offset balance. Each one lowers the balance faster than the schedule, so the loan ends early. Set extras to $0 and clear the offset to see the full term again.

It compares your plan to the same loan with no extra repayments, no lump sums and no offset. The gap between the two is your saving.

No. Your repayment stays the same. Less of it goes to interest and more goes to the principal, so the loan finishes sooner and costs less overall.

Offset accounts are normally only offered with home loans. The box hides itself for other loan types. For those loans, use extra repayments or a lump sum instead.

Your repayment jumps. You still owe the full amount, but now you must pay it off in fewer years. The results box shows the interest-only amount first, then the higher principal and interest amount that follows.

Yes. Click Add lump sum again for each one. Enter the amount and the month number, counted from today. The calculator drops each lump sum onto the balance in the repayment closest to that month.

It shows your repayment and total interest if your rate rises by 1%, 2% or 3%. This matters most on a variable rate. If a 3% rise looks too tight for your budget, think about borrowing less.

It is your loan amount divided by your gross yearly income. Borrow $650,000 on $150,000 income and the multiple is 4.3×. Many lenders get cautious above about 6×.

No. It only covers your loan repayments plus the upfront and ongoing fees you type in. Add property costs like stamp duty, insurance, rates and lenders mortgage insurance to your own budget.

They will be very close, usually within a few dollars. Banks may count actual days in a month, round differently, or start interest on a set date. Always use your loan contract as the final word.

Yes, a little. Paying more often means the balance drops sooner, so less interest builds up. The bigger win is paying half your monthly amount every fortnight, because that adds up to 13 monthly payments a year instead of 12.

Total interest is just the bank's charge. Total amount repaid is the principal plus that interest, including any lump sums. The line under it adds your fees for the full cost.

Yes. Turn on Scenario B and enter its amount, rate, term and extra repayment. Scenario B uses the same repayment frequency as your main loan and does not use an offset, interest-only or lump sums.

Interest is charged on what you still owe, and that is highest at the start. As the balance falls, the interest share shrinks and the principal share grows. The amortisation schedule shows this swap period by period.

Often only up to a limit. Many lenders cap extra repayments on fixed loans each year and charge break costs if you go over or pay the loan out early. Check your contract before you commit to big extras.

Each loan type has its own limits. Home loans run up to $5,000,000 over 30 years, personal loans up to $100,000 over 7 years, car loans up to $250,000 over 7 years, and business loans up to $2,000,000 over 15 years. The red message tells you the range.

Both cut interest. A shorter term locks in the higher payment, which keeps you on track. Extra repayments give you the same saving but you can stop them if money gets tight. Test both with Scenario B.

Yes. Click Print / Save PDF. Buttons and sliders are hidden, so you get a clean copy of your figures, charts and schedule to keep or show a lender.