How long will it take to pay off my mortgage?
Find out down to the month how long it’ll take to pay off your home loan.
The number of months required to pay off your home loan will be the total cost of the loan (principle + interest) divided by the amount you pay each month.
This calculator takes your financial information and calculates how long it will take you to pay off your home loan. All you have to do is input the required information and let the calculator do all of the work for you.
All you have to do is enter in your current or desired loan amount, your current or predicted interest rate, your repayment amount and your repayment frequency. Once you enter in that information (the more accurate the better) you'll get an instant result. The calculator will also show you how much of your repayment will go towards interest and how much of it will go toward your principal (the actual loan).
After entering your details a mortgage broker from Aussie will call you. They will discuss your situation and help you find a suitable loan.
- A comparison of home loans from multiple lenders.
- Expert guidance through the entire application process.
- Free suburb and property reports.
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Enter the following details into the calculator to get an indication of how long it will take you to pay off your mortgage.
- Loan amount - This refers to how much you've borrowed, or plan to borrow from a lender.
- Interest rate - This is the fee a lender charges a borrower for the use of their money. Interest is calculated daily on the outstanding amount of the loan and you can find this rate out by looking at the product review page for the home loan you're interested in an comparing with your own home loan statement if you already have a loan.
- Repayments - These are the payments you make towards your loan to pay if off.
- Repayment frequency - This refers to how often you'll make repayments to pay your loan off. You can choose weekly, fortnightly or monthly installments depending on your pay structure, loan terms and personal preference.
Tips to pay off your mortgage faster
- Increase your repayments, more often - Weekly and fortnightly repayments will save you money in interest and if you increase your repayments then you are also cutting down your principal. Double win.
- Pay off more when you have unexpected funds - Consider dumping your tax refunds, work bonuses or dividends from any other investments. This can also help you cut down the interest payable.
- Increase your repayments when interest rates are low - The Reserve Bank of Australia's decision to cut interest rates in May had pushed many banks to cut their interest rate. Keep your mortgage repayments at the same level and you can cut years off your loan.
- Consider an offset account to have your wages paid into - This is when your savings compensate for a portion of the interest charged on your principal. The more funds you have in your offset account, the less interest you pay.
- Conduct a mortgage health check - Your loan may not be the most competitive product in the market anymore. Look at refinancing with your current lender and determine whether its worth staying.
Start your search for a more affordable home loan
Home Loan OffersImportant Information*
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate(*now 2.59%, drops to 2.49% on 17 Jul)
Take advantage of a low-fee mortgage with a special interest rate of just 2.49% p.a. and a 2.49% p.a. comparison rate.
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.
ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR <= 80% (Owner Occupier, P&I)
Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.
Buy your home and lock in a low rate for the first two years. Get a $2,500 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 28 August and settle by 30 October 2020.
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