Chattel Mortgage Repayment Calculator With Balloon
Also called: chattel mortgage calculator, chattel loan calculator.
Quick answer
This chattel mortgage repayment calculator estimates what a vehicle or equipment chattel mortgage costs per week, fortnight or month from the price, your deposit, the term, any balloon and an example rate you can change. It is an estimate for planning, not a quote or an approval.
See what the balloon does to your repayment.
The balloon is the part you leave owing until the last day. Pump it up and the monthly drops, but it is still tied to the asset when the term ends.
Indicative bands from broking files, as at July 2026: cars and utes 30 to 40 per cent, prime movers 20 to 30 per cent, wheeled plant lower or nil. Not a quote; lenders usually cap the balloon lower on older assets, and nil is allowed.
Example rate as at 27 September 2026, not an offer. Change it to the rate you have been quoted.
- Est. monthly
- $1,216.30
- Balloon owed at month 60
- $0
- Total interest
- $12,978
- With a 20% balloon
- $1,052.94
$1,216.30 a month over 60 months on $60,000 financed, no balloon, at the 7.99 per cent example rate. Total interest about $12,978.
Estimates only. This calculator is not a quote, an offer or an approval. The result depends on the figures you enter and the example rate shown; the lender's assessment decides the actual rate, term and repayment. Nick Lim is an FBAA Accredited Finance Broker with Switchboard Finance.
Your figures come with you into the enquiry; nothing reaches us until you send it.
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How is a chattel mortgage repayment with a balloon calculated?
A chattel mortgage repayment is the amount financed, less the present value of the balloon, spread over the term at the monthly interest rate and paid in arrears, at the end of each period.
Monthly repayment = (amount financed − balloon ÷ (1 + r)n) × r ÷ (1 − (1 + r)−n), where r is the annual rate ÷ 12 and n is the number of months.
This is the standard amortisation formula, the same one set out in the Reserve Bank of Australia's Research Discussion Paper 2021-10, Appendix A, with the balloon added as an amount left owing at the end. The calculator assumes:
- Repayments are made in arrears, at the end of each month.
- Monthly is the base figure; weekly is the monthly repayment × 12 ÷ 52 and fortnightly × 12 ÷ 26.
- The balloon is a percentage of the asset price, paid in one amount at the end of the term, and can be nil.
- Fees, insurance, registration and stamp duty are not included unless you add them to the price.
- GST in the price is the price ÷ 11, which assumes the price you enter includes GST; it is shown on its own line and does not change the repayment.
- Per cent financed is the amount financed as a share of the price, after your deposit or trade-in.
What a chattel mortgage is, and how the lender's security over the asset works, is covered in the chattel mortgage guide.
Which rate should you enter?
Enter the rate you have been quoted; the 7.99 per cent example rate is a planning figure as at 27 September 2026, not an offer. Chattel mortgage rates move with the asset's type and age, the deposit, the strength of the file and whether the loan is full doc or low doc, which the guide sets out under what a chattel mortgage costs.
What does a $40,000, $60,000 or $100,000 chattel mortgage cost per month?
About $1,216 a month on $60,000 over 60 months with no balloon at the 7.99 per cent example rate. The table shows the three amounts over 60 months at nil, 20 and 40 per cent balloon, with the total interest each one costs.
| Asset price, no deposit | Monthly, nil balloon | Monthly, 20% balloon | Monthly, 40% balloon | Total interest, nil balloon | Total interest, 20% balloon | Total interest, 40% balloon |
|---|---|---|---|---|---|---|
| $40,000 | $811 | $702 | $593 | $8,652 | $10,117 | $11,583 |
| $60,000 | $1,216 | $1,053 | $890 | $12,978 | $15,176 | $17,375 |
| $100,000 | $2,027 | $1,755 | $1,483 | $21,630 | $25,294 | $28,958 |
Sources: formula from RBA Research Discussion Paper 2021-10, Appendix A (rba.gov.au, November 2021, read 27 September 2026). The 7.99 per cent example rate is an indicative practitioner figure as at 27 September 2026, not a quote. Monthly repayments in arrears over 60 months with no deposit, rounded to the dollar; the balloon is that share of the price left owing at the end of the term, and total interest is all repayments plus the balloon, less the amount financed.
A balloon lowers the instalment and raises the total interest: on $60,000, a 20 per cent balloon cuts about $163 a month, adds about $2,198 in interest and leaves $12,000 owing at month 60. For how we set up chattel mortgages on vehicles and equipment, see the chattel mortgage page.
How a balloon is sized against the asset, and what to do when one falls due, is covered in the guide to balloon payments and residual values.
What does the GST credit line mean?
The GST line is the price divided by 11, the GST inside a GST-inclusive price, and it sits on its own line because it does not change the repayment, which is worked out on the amount financed.
When a GST-registered business can claim a GST credit depends on whether it accounts for GST on a cash or a non-cash basis (ATO, When you can claim a GST credit, QC22431, updated 14 September 2026, read 27 September 2026). So how much you can claim on your chattel mortgage, and when, is a question for your accountant; the guide explains how GST works on a chattel mortgage.
Does the car limit change the numbers for a car?
No, the car limit does not change the repayment; it caps the cost of a car you can use for depreciation and the GST credit you can claim on it. For 2026-27 the car limit is $69,883, and the most GST credit you can claim on a car that costs more than that is $6,353, one-eleventh of the limit (ATO, Car thresholds from 1 July, QC107449, published 9 June 2026, read 27 September 2026).
The calculator shows that cap beside the GST line when you choose a car, ute or truck and drops it for equipment. Whether your ute or truck counts as a car for the limit is a question for your accountant, and the chattel mortgage guide works through the car limit in practice.
What else do people ask about chattel mortgage repayments?
How do I calculate chattel mortgage repayments?
Take the amount financed, subtract the present value of any balloon, and spread the rest over the term at the monthly rate, paid in arrears; the calculator does this for you. On $60,000 over 60 months with no balloon at the 7.99 per cent example rate, that is about $1,216 a month.
Does a balloon reduce my chattel mortgage repayments?
Yes, a balloon lowers each repayment because part of the amount is left owing until the end, but you pay more interest overall and you owe the balloon when the term ends. On $60,000 over 60 months at the 7.99 per cent example rate, a 20 per cent balloon cuts about $163 a month and adds about $2,198 in interest.
Can I include the GST in the amount financed?
Usually, yes: a chattel mortgage commonly finances the full price including GST, and the calculator finances whatever price you enter, so enter the ex-GST price if you plan to pay the GST yourself. Whether and when you can claim that GST back is a question for your accountant.
Should I pay weekly or monthly on a chattel mortgage?
Match the repayment to how your business is paid; the calculator converts the monthly figure to weekly or fortnightly, so the total is the same in the tool and slightly lower on a real weekly schedule. Lenders quote monthly, so compare quotes on the monthly figure.
Is this calculator a quote?
No, it is an estimate from the figures you enter and an example rate; a lender's assessment decides the actual rate, term and repayment. Send your figures through the enquiry form if you want them checked against live lender policy.