Rates calculator: How much extra will your mortgage repayments cost?

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Interest rates have risen again.Credit:Matthew Absalom-Wong

The Reserve Bank of Australia has enacted an historic fourth successive interest rate increase.

On Tuesday the RBA board lifted the cash rate by another 50 basis points to 1.85 per cent.

The six-year high increases the repayments on an $800,000 mortgage to $770 a month since May.

Use our calculator below to see what Tuesday’s increase of 50 points (the right toggle button) means for your mortgage repayments.

Enter your loan amount, the length of your loan, your existing interest rate, then click the +0.5 per cent rise for August to get your extra monthly repayment.

Calculations are based on monthly fixed interest rate increases on principal loan amount excluding requisite monthly repayments, adjustments to repayment amounts, or additional repayment instalments.

Lenders make individual choices on what is passed on from the RBA so check with your lender.