How Long to Repay Calculator
How long will it actually take to pay off your home loan?
Your loan term and your actual payoff date are often two different things. Extra repayments, rate changes, and your repayment frequency all affect when you will actually own your home outright. Use this calculator to see your real timeline.
How does it work?
This calculator estimates how long it will take to fully repay your loan based on your current balance, interest rate, and regular repayment amount. It also lets you model the impact of making extra repayments so you can see exactly how much sooner you could pay it off.
The calculator has been provided in good faith as a guidance tool only. Results are not financial advice, are a guide only, and are not a guaranteed outcome or quote. Borrowers should always discuss their individual situation with an Australian Credit Licensee or authorised Credit Representative.
What affects how long it takes to pay off your loan?
Your repayment amount
Higher repayments reduce your balance faster. Even a small increase in your regular repayment can take years off your loan term.
Your interest rate
A higher rate means more of each repayment goes toward interest and less toward reducing your balance. This extends your loan term.
Repayment frequency
Fortnightly repayments effectively add one extra monthly repayment per year and can cut years off your loan term.
Extra repayments
Any amount above your minimum repayment directly reduces your principal balance and shortens your loan term.
Ways to pay off your loan sooner
• Set your repayments slightly higher than the minimum from the start. Even a small premium compounds significantly over 30 years.
• Switch to fortnightly repayments to make 13 monthly payments per year instead of 12.
• Put any surplus income directly onto your loan balance or into an offset account.
• Review your rate regularly. Refinancing to a better rate can free up money to put toward extra repayments.
Questions about repaying your loan faster
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Combining fortnightly repayments with regular extra payments and an offset account is one of the most effective approaches. The key is to start as early as possible in your loan term when the impact is greatest.
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On a variable rate loan, generally yes. On a fixed rate loan, breaking the loan early (paying it out entirely before the fixed period ends) can trigger break costs. Ask your lender or ask us about the conditions on your specific loan.
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This is a common question and the answer depends on your interest rate, your tax situation, and your investment options. It is a financial planning question rather than a credit question, so it is worth discussing with a financial adviser or accountant alongside your mortgage broker.
Want to set your loan up to pay it off as efficiently as possible?
How your loan is structured affects how much interest you pay over time. Book a discovery call and we'll walk you through the features and what each one does.