Calculate how long will it take to pay off my loan?

Work out how long to pay off your mortgage down to the exact month, with our free calculator.

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You can use our calculator to estimate how long it will take to pay off your mortgage. This calculator takes into account 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.

Enter your current or desired loan amount, your current or predicted interest rate, the repayment amount and your repayment frequency. Once you enter in that information (the more accurate the better) you'll get an instant result.

Estimate how long it takes to repay your mortgage with our calculator

How to use mortgage pay off calculator

The calculator determines the number of months required to pay off your home loan by taking the total cost of the loan (principle and interest) divided by the amount you currently pay each month.

Just 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. If you haven't yet got a loan, work out your borrowing power.
  • 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 and 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 instalments depending on your pay structure, loan terms and personal preference.


The calculator results tell you:

  • The loan term: How long to pay off your mortgage based on your current repayments.
  • Total cost of loan: How much the entire loan will cost you (the loan principal plus the interest on top)
  • Interest payable: The amount of interest you're being charged.

Calculator assumptions

The calculator provides estimates only. It does not take into account the cost of any fees. It also assumes your interest rate will not change throughout the loan.

Tips to pay off your mortgage faster

If you've calculated your results and decided you want to pay your home loan off faster there are many things you can do.

  • 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. Just be sure to check that your loan allows you to make extra repayments.
  • Pay off more when you have unexpected funds. Consider dumping your tax refunds, work bonuses or dividends from any other investments into your loan. This can also help you cut down the interest payable.
  • Increase your repayments when interest rates are low. If interest rates fall, keep your mortgage repayments at the same level before the rate drop and you can cut years off your loan. This trick effectively repays your loan faster.
  • 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

Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Fees Monthly Payment

HSBC Fixed Rate Home Loan Package P&IHome 2Y Fixed≥ 20% Deposit

HSBC Fixed Rate Home Loan Package
  • App: $0
  • Ongoing: $390 p.a.
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit.Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

UBank UHomeLoan Fixed P&IHome 1Y Fixed≥ 20% Deposit

UBank UHomeLoan Fixed
  • App: $0
  • Ongoing: $0 p.a.
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees. Smart Booster Discount Variable Home Loan P&IHome≥ 20% Deposit Smart Booster Discount Variable Home Loan
  • App: $0
  • Ongoing: $0 p.a.
Get a low discounted variable rate loan. Requires a 20% deposit. Get your loan processed fast and settle within 30 days. Low Rate Home Loan with Offset P&IHome≥ 40% Deposit Low Rate Home Loan with Offset
  • App: $0
  • Ongoing: $0 p.a.
A competitive rate with no application or ongoing fees. This loan is not available for construction.

HSBC Home Value Loan P&IHome≥ 30% Deposit

HSBC Home Value Loan
  • App: $0
  • Ongoing: $0 p.a.
$3,288 refinance cashback offer
This competitive variable rate loan is available for borrowers with 30% deposits. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

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