This calculator has been superseded.
This fortnightly repayment calculator has been replaced by our updated Home Loan Repayment Calculator, which now includes:
Monthly, fortnightly, and weekly repayment options, plus extra repayments.
Fortnightly repayments are calculated by dividing the monthly amount by 2, showing that paying more over the year can reduce interest and the loan term.
A clearer loan balance chart and amortisation view
For the most accurate, up-to-date results, please use the new calculator link below.
Home Loan Fortnightly/Weekly Repayment Calculator
For fortnightly and weekly repayments, there are different methods to calculate repayments.
Among them, two are most popular:
(1) Actuarial Method which calculates the minimum repayments such that the loan can be paid off at the end of the term, not sooner and not later.
(2) Half Monthly Repayment Method which calculates fortnightly and weekly repayments simply by dividing the monthly repayment by two and four respectively.
In method two, the fortnightly or weekly repayment will be higher than the actuarial method, which in effect, results in the borrower making extra repayments over the same 12 month period.
The borrowers will repay the loan sooner and also save some interest.
This calculator can help borrowers find how much interest and time can be saved if they make 1/2 or 1/4 of monthly repayments every two weeks or one week.