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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.

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This calculator takes your financial information and calculates how long it will take you to repay 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).

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Applications are subject to approval. Conditions, fees and charges apply. Please note that you need to be an Australian citizen or permanent resident to apply.

Credit services for Aussie Select, Aussie Activate and Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 (“Aussie”) and its appointed credit representatives, Australian Credit Licence 246786. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133 (“RMG”). RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. Credit for Aussie Activate products is provided by Pepper Finance Corporation Limited ACN 094 317 647 (“Pepper”). Pepper Group Limited ACN 094 317 665, Australian Credit Licence 286655 acts on behalf of Pepper. Credit services for Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 (“Aussie”) and its appointed credit representatives. Aussie is a trade mark of AHL Investments Pty Ltd ABN 27 105 265 861. Credit and any applicable offset accounts for Aussie Elevate are issued by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL / Australian Credit Licence 237879.

Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. ©2019 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786.

By submitting this form, you agree to the Aussie privacy policy.

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Enter the following details into the calculator to get an indication of how long it will take you to repay 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.
  • Repay 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

Rates last updated March 28th, 2020
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000 (*now 2.84%, drops to 2.59% on 3 April)
2.59%
2.59%
$0
$0 p.a.
80%
This rate will drop to 2.59% p.a on 3 April 2020 for new and existing customers. Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)
2.78%
2.79%
$0
$0 p.a.
90%
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
HSBC Home Value Loan - Promotional Offer (Owner Occupier P&I)
2.65%
2.66%
$0
$0 p.a.
80%
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.
IMB Budget Home Loan - Special LVR <=90% (Owner Occupier, P&I, NSW and ACT borrowers only)
2.88%
2.94%
$449
$0 p.a.
90%
NSW and ACT customers only. You can get an interest rate discount for a limited time with this competitive variable mortgage.
ING Mortgage Simplifier Home Loan - $150,000 to $500,000 (LVR <=80% Owner Occupier, P&I)
2.78%
2.81%
$0
$0 p.a.
80%
This low, variable rate loan has no ongoing fees and a redraw facility. Requires a 20% deposit.

Compare up to 4 providers

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Home Loan Offers

Important Information*
Logo for UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000 (*now 2.84%, drops to 2.59% on 3 April)
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000 (*now 2.84%, drops to 2.59% on 3 April)

Take advantage of a low-fee mortgage with a special interest rate of just 2.59% p.a. and a 2.59% p.a. comparison rate.

Logo for HSBC Home Value Loan - Promotional Offer (Owner Occupier P&I)
HSBC Home Value Loan - Promotional Offer (Owner Occupier P&I)

Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)

Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.

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