A $120,000 mortgage in Australia at 6.30% costs about $742.77 per month for principal and interest over 30 years. In Australia, Lenders Mortgage Insurance (LMI) usually applies with less than a 20% deposit and varies by lender.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $1,393 | $7,520 | $118,607 |
| 2 | $1,483 | $7,430 | $117,124 |
| 3 | $1,580 | $7,334 | $115,544 |
| 4 | $1,682 | $7,231 | $113,862 |
| 5 | $1,791 | $7,122 | $112,071 |
| 6 | $1,907 | $7,006 | $110,164 |
| 7 | $2,031 | $6,882 | $108,133 |
| 8 | $2,163 | $6,751 | $105,970 |
| 9 | $2,303 | $6,610 | $103,668 |
| 10 | $2,452 | $6,461 | $101,215 |
| 11 | $2,611 | $6,302 | $98,604 |
| 12 | $2,781 | $6,133 | $95,824 |
| 13 | $2,961 | $5,952 | $92,863 |
| 14 | $3,153 | $5,760 | $89,710 |
| 15 | $3,357 | $5,556 | $86,352 |
| 16 | $3,575 | $5,338 | $82,777 |
| 17 | $3,807 | $5,106 | $78,970 |
| 18 | $4,054 | $4,859 | $74,917 |
| 19 | $4,317 | $4,597 | $70,600 |
| 20 | $4,597 | $4,317 | $66,003 |
| 21 | $4,895 | $4,018 | $61,108 |
| 22 | $5,212 | $3,701 | $55,896 |
| 23 | $5,550 | $3,363 | $50,346 |
| 24 | $5,910 | $3,003 | $44,436 |
| 25 | $6,293 | $2,620 | $38,142 |
| 26 | $6,702 | $2,212 | $31,441 |
| 27 | $7,136 | $1,777 | $24,305 |
| 28 | $7,599 | $1,314 | $16,706 |
| 29 | $8,092 | $821 | $8,614 |
| 30 | $8,614 | $297 | $0 |
At 6.30% over 30 years, the principal-and-interest payment on a $120,000 mortgage is about $742.77 per month. Australian home loans are commonly variable-rate (or fixed for 1–3 years) over a 30-year term, often with an offset account.
No — this is principal and interest only. Council rates and home insurance are paid separately on top. In Australia, Lenders Mortgage Insurance (LMI) usually applies with less than a 20% deposit and varies by lender.
Over the full 30-year term at 6.30%, total interest on a $120,000 mortgage is roughly $147,397. Overpaying reduces this substantially.
Sources: Reserve Bank of Australia; Standard amortization (annuity) formula.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.