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

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 works out 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.

Results

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.

Finder survey: How long have Australians been on a variable rate for?

Tips to pay off your mortgage faster

Expert insight

"If a person has had the loan for 10 years and refinance back to 30 years, they've got to remember that they start all over again. Generally, the first 5 years of a mortgage over 30 years is interest, so they're taking themselves backwards. My suggestion would be if they have 20 years left on their loan when they refinance, keep it within the 20 years. Although it may reduce the monthly repayments and it might provide some short-term relief to take out a new 30-year loan term, it will catch up with you. I avoid recommending this strategy to my customers as it is just sending them backwards"

Barbara Giamalis

Lead broker, Tiimely Home

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.

Written by

Richard Whitten

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise

Richard has written 553 Finder guides across topics including:

• Home loans
• Property
• Personal finance
• Money-saving tips