Fixed vs Variable Home Loan Calculator Australia

Compare repayments and total interest between a fixed and variable rate.

Loan amount$Loan termyearsFixed rate%Variable rate%

—monthly repayment difference

—fixed rate repayment

—variable rate repayment

—total interest difference over term

This compares both rates held flat for the whole term. A fixed rate only locks in for its fixed period (typically 1–5 years) — the variable rate you enter is today's rate, and real variable rates move over time.

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About the Fixed vs Variable Home Loan Calculator

Choosing between a fixed and variable home loan rate usually comes down to certainty versus flexibility. This calculator compares the two rates you enter as if each were held flat for the entire loan term, so you can see the repayment and total interest gap at today's rates.

How it works

It calculates the monthly repayment for the same loan amount and term at each rate, using the standard loan amortisation formula, then shows the monthly and total-interest difference between them.

Assumptions and behaviour

Both rates are treated as fixed for the whole comparison term — in reality, a fixed rate only locks in for its fixed period (commonly 1–5 years), after which it usually reverts to a variable rate.
The variable rate is a snapshot of today's rate — real variable rates move up and down over the loan's life.
No break costs, discounts, or offset accounts are included.

Limitations

This is a starting-point comparison, not a forecast — nobody can predict where variable rates will sit in 3, 5 or 30 years.
Fixed-rate loans often have restrictions on extra repayments and offset accounts that this calculator doesn't account for.
Consider the flexibility (extra repayments, offset, refinancing) each option gives up or keeps, not just the rate.

Privacy

The calculation runs entirely in your browser. Nothing is uploaded or stored.

Frequently asked questions

Is this fixed vs variable calculator free?

Yes — free, no sign-up, no limits, runs in your browser.

Should I always pick the cheaper rate?

Not necessarily — a fixed rate gives repayment certainty but often restricts extra repayments and offset accounts, which can matter more than a small rate difference over time.

Does this account for the fixed rate ending?

No — it assumes the fixed rate holds for the whole term. In practice, fixed rates typically apply for 1–5 years before reverting to variable.

Can I use this for a refinance decision?

You can, but the Refinance Savings Calculator is built specifically for comparing your current loan to a new one, including refinance costs.

Is my data uploaded?

No. Everything runs locally in your browser; nothing is sent or stored.

Written by Lakshay Kumar(TechLakshay)

A QA Automation Engineer by trade, Lakshay's real passion is untangling complex problems into simple, working solutions — which is exactly why FreeMyTask exists. On Instagram, he channels that same instinct into helping 26,000+ content creators with SEO education, motivation, and hands-on query solving.

Last updated: August 22, 2026