Loan Guide
Mortgage Repayments on $500,000 (2026)
Monthly repayments on a $500,000 home loan are $3,062 at 6.2% over 30 years. Over the life of the loan, you'll pay $602,444 in interest, bringing the total cost to $1,102,444.
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Monthly repayment $3,062 at 6.2% over 30 years
Total interest $602,444
Total cost $1,102,444
Interest / principal 120%
Repayments at Different Rates
How repayments on $500,000 change with interest rate, all at 30-year term:
| Rate | Monthly | Fortnightly | Weekly | Total Interest | Total Cost |
|---|---|---|---|---|---|
| 5.0% | $2,684 | $1,238 | $619 | $466,279 | $966,279 |
| 5.5% | $2,839 | $1,310 | $655 | $522,020 | $1,022,020 |
| 6.0% | $2,998 | $1,383 | $691 | $579,191 | $1,079,191 |
| 6.5% | $3,160 | $1,458 | $729 | $637,722 | $1,137,722 |
| 7.0% | $3,327 | $1,535 | $767 | $697,544 | $1,197,544 |
| 7.5% | $3,496 | $1,613 | $806 | $758,586 | $1,258,586 |
| 8.0% | $3,669 | $1,693 | $846 | $820,776 | $1,320,776 |
Repayments by Loan Term
How the term length affects your repayments and total cost on a $500,000 mortgage at 6.2%:
| Term | Monthly | Total Interest | Total Cost |
|---|---|---|---|
| 15 years | $4,274 | $269,230 | $769,230 |
| 20 years | $3,640 | $373,620 | $873,620 |
| 25 years | $3,283 | $484,873 | $984,873 |
| 30 years | $3,062 | $602,444 | $1,102,444 |
Key Facts
You'll pay 120% extra in interest On a $500,000 mortgage at 6.2% over 30 years, total interest is $602,444 — that's 120% on top of the principal.
Estimated salary needed: $122,480 As a budgeting illustration, this repayment is 30% of gross monthly income at approximately $122,480 per year. This is not a lender serviceability result.
Fortnightly payments save interest Switching to fortnightly payments means 26 half-payments per year (equivalent to 13 monthly payments), which reduces total interest and shortens the loan.
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Frequently asked questions
How much are repayments on a $500k mortgage?
At 6.2% over 30 years, monthly repayments on a $500,000 mortgage are $3,062. Fortnightly repayments would be $1,413.
How much interest do you pay on a $500k mortgage?
Over 30 years at 6.2%, you'd pay $602,444 in total interest on a $500,000 mortgage. That's 120% of the original loan amount. The total cost including principal is $1,102,444.
Can I afford a $500k mortgage?
As a simple budget illustration, $3,062/month equals 30% of gross monthly income at a salary of about $122,480. This is not a lender serviceability result. A lender also assesses living expenses, debts, income and deposit, and APRA-regulated banks apply at least a 3 percentage point rate buffer.
Is a 15 or 30 year mortgage better for $500k?
A 15-year term on $500,000 at 6.2% costs $4,274/month but saves $333,214 in interest compared to 30 years. The 30-year option has lower repayments of $3,062/month but costs $1,102,444 total.
Should I pay fortnightly on a $500k mortgage?
Paying fortnightly effectively makes 26 half-payments per year (equivalent to 13 monthly payments instead of 12). On a $500,000 mortgage, this can shave years off the loan and save tens of thousands in interest.
Need a more detailed breakdown?
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