How-long-will-it-take-to-pay-off-my-mortgage

How Long Will It Take To Pay Off My Mortgage?

Rates and fees last updated on

Calculate how long it will take to pay off your home loan

Planning how long it’ll take you to pay a mortgage off is a crucial step when comparing home loans.

The minimum monthly payment for your mortgage is calculated on how much is needed to pay off the balance of the loan over the loan term, plus the interest that has been accrued.

The average loan term is approximately 25 years. There are shorter terms available but it could mean that your minimum monthly repayment is higher. Even if you can pay out your loan in 10 or 15 years, it may still be worthwhile to get a loan term of 25 years. This will give you more flexibility and could be useful in emergencies. It also means that your minimum monthly payment won’t be as high.

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.

Try these figures out for yourself below

Loan Amount

$400,000

$500,000

$600,000

Interest rate

5.7%

5.7%

5.7%

Repayments

$2,500

$3,000

$3,500

How long to repay?

25 years 2 months

27 years 8 months

29 year 8 months

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.

Looking for an affordable loan? Compare some of finder's cheapest home loans

Rates last updated December 14th, 2017
$
Loan purpose
Offset account
Loan 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
3.64%
3.66%
$0
$0 p.a.
80%
A basic home loan with a competitive rate and low fees.
3.69%
4.86%
$0
$395 p.a.
90%
A special rate for first home buyers buying residential property and borrowing over $150K. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.58%
3.59%
$0
$0 p.a.
80%
A competitive variable rate product with low fees offered by a 100% online lender.
3.62%
3.62%
$0
$0 p.a.
80%
A discounted, competitive variable rate loan with limited fees.
3.64%
3.66%
$0
$0 p.a.
80%
A home loan with a competitive variable rate, limited fees and plenty of flexibility.
3.64%
3.67%
$0
$0 p.a.
80%
A low rate home loan with no ongoing fees.
3.65%
3.66%
$0
$0 p.a.
90%
A competitive variable rate home loan with no application fee.
3.72%
3.74%
$0
$0 p.a.
80%
Take advantage of a 100% offset account along with no annual or application fees.
3.64%
3.64%
$0
$0 p.a.
70%
A low-rate basic home loan requiring a 30% deposit.
3.69%
4.01%
$0
$299 p.a.
95%
A loan with no application fee and borrow up to 95% LVR.
3.69%
3.69%
$0
$0 p.a.
90%
A special limited time offer for owner occupiers. An IMB Transaction Account must be opened with this loan.
3.71%
3.74%
$600
$0 p.a.
80%
A maximum 80% LVR home loan with no ongoing service fees and a linked transaction account.
3.74%
3.74%
$0
$0 p.a.
80%
Pay no application fee or ongoing fees with this loan.
4.29%
4.32%
$600
$0 p.a.
90%
Borrow up to 90% LVR and pay no ongoing fees with this investment loan.
4.64%
4.01%
$0
$0 p.a.
80%
Enjoy a fast application process and flexible repayment options with this fixed rate investment loan.
3.95%
4.99%
$300
$10 p.a.
95%
A flexible, competitive fixed rate loan that allows for extra repayments.
3.78%
3.78%
$0
$0 p.a.
80%
A basic low-rate home loan that still offers some useful features.
3.65%
4.84%
$0
$395 p.a.
90%
A 2 years fixed platinum package that has $0 application and a loan redraw facility.
3.64%
4.03%
$0
$395 p.a.
80%
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.99%
4.91%
$300
$10 monthly ($120 p.a.)
80%
Special offer for new lending between $150k-$500k & under 80% LVR.
3.79%
4.11%
$0
$299 p.a.
80%
A fully featured home loan with an offset account and discounts available.
3.69%
4.15%
$395
$0 p.a.
80%
A one year fixed rate offer with no ongoing bank fees.
4.09%
4.11%
$0
$0 p.a.
80%
A low variable rate loan with no application or ongoing fees.
3.85%
4.18%
$500
$0 p.a.
95%
Apply for Easy Street fixed rate home loans and get a competitive loan with a fixed interest rate.
3.72%
4.19%
$0
$0 p.a.
80%
Enjoy a variable 3 year introductory rate with the Bankwest Equaliser Home Loan.
4.04%
4.07%
$0
$0 p.a.
80%
Access the equity in your home with a competitive interest-only rate and no application fee.
3.96%
3.98%
$0
$0 p.a.
90%
Take advantage of a redraw facility, competitive variable rate and no application or settlement fees for a limited time.
3.84%
4.83%
$0
$0 p.a.
95%
Get a competitive 2-year fixed rate with no application or ongoing fees.
3.88%
4.89%
$0
$395 p.a.
95%
A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.97%
3.97%
$0
$0 p.a.
90%
A competitive variable rate home loan with no ongoing fees.
3.74%
3.74%
$0
$0 p.a.
95%
A low rate home loan with no application or ongoing fees. Loan comes with 1 year of free home and contents insurance. Note that to be eligible for this loan you must be QLD resident.
3.73%
3.73%
$0
$0 p.a.
70%
A special low variable rate for owner occupiers with 100% offset account and no application or ongoing fees.
3.94%
4.88%
$0
$0 p.a.
90%
Enjoy a low interest rate and borrow up to 90% (with LMI) of your property's value.
3.68%
3.69%
$0
$0 p.a.
95%
A no frills loan with a competitive rate and a maximum LVR of 95%.
3.64%
3.78%
$0
$10 monthly ($120 p.a.)
80%
A competitive variable rate home loan with flexible features. You can earn 30,000 Velocity Points for every $100k you borrow (for a limited time, subject to eligibility requirements).
3.87%
3.92%
$0
$0 p.a.
90%
A discounted interest rate home loan with no monthly fees.
3.87%
3.87%
$0
$10 monthly ($120 p.a.)
90%
Get a competitive interest rate for 3 years and a discounted variable rate when the fixed period ends.
3.79%
3.80%
$0
$0 p.a.
80%
A competitive rate with no ongoing monthly fees or application fees.
3.69%
3.69%
$0
$0 p.a.
70%
Enjoy a low variable rate with no application and ongoing fees.
3.69%
4.03%
$0
$299 p.a.
80%
Enjoy a low variable rate with no application fee.
3.99%
4.03%
$0
$0 p.a.
95%
Enjoy a basic home loan with a high LVR and no application or ongoing fees.
3.99%
4.99%
$0
$395 p.a.
95%
A package home loan with fee free extra repayments available during the fixed term.
3.85%
4.95%
$0
$395 p.a.
95%
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cashback available for refinancers. Conditions apply.
3.68%
3.69%
$600
$0 p.a.
90%
Get a low variable rate along with some important basic features.
3.59%
4.42%
$0
$0 p.a.
95%
This competitive introductory rate is a limited time offer for new owner-occupiers

Compare up to 4 providers

Marc Terrano

Marc Terrano is a content marketer manager at finder. He's been writing and publishing personal finance content for over five years and loves to help Australians get a better deal.

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