A $480,000 mortgage in Australia at 6.30% costs about $2,971.07 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 | $5,572 | $30,081 | $474,428 |
| 2 | $5,933 | $29,720 | $468,495 |
| 3 | $6,318 | $29,335 | $462,177 |
| 4 | $6,728 | $28,925 | $455,449 |
| 5 | $7,164 | $28,489 | $448,285 |
| 6 | $7,629 | $28,024 | $440,656 |
| 7 | $8,123 | $27,529 | $432,533 |
| 8 | $8,650 | $27,003 | $423,883 |
| 9 | $9,211 | $26,442 | $414,672 |
| 10 | $9,809 | $25,844 | $404,863 |
| 11 | $10,445 | $25,208 | $394,418 |
| 12 | $11,122 | $24,531 | $383,296 |
| 13 | $11,843 | $23,810 | $371,453 |
| 14 | $12,611 | $23,042 | $358,842 |
| 15 | $13,429 | $22,224 | $345,413 |
| 16 | $14,300 | $21,353 | $331,113 |
| 17 | $15,227 | $20,425 | $315,885 |
| 18 | $16,215 | $19,438 | $299,670 |
| 19 | $17,267 | $18,386 | $282,404 |
| 20 | $18,386 | $17,267 | $264,017 |
| 21 | $19,579 | $16,074 | $244,439 |
| 22 | $20,848 | $14,804 | $223,590 |
| 23 | $22,200 | $13,452 | $201,390 |
| 24 | $23,640 | $12,013 | $177,750 |
| 25 | $25,173 | $10,480 | $152,576 |
| 26 | $26,806 | $8,847 | $125,771 |
| 27 | $28,544 | $7,109 | $97,226 |
| 28 | $30,395 | $5,258 | $66,831 |
| 29 | $32,366 | $3,286 | $34,465 |
| 30 | $34,465 | $1,187 | $0 |
At 6.30% over 30 years, the principal-and-interest payment on a $480,000 mortgage is about $2,971.07 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 $480,000 mortgage is roughly $589,585. 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.