Savings .com.au

Calculating how long to pay off your mortgage

Savings.com.au’s How Long To Pay Off Mortgage calculator can help you estimate you how long it could take you to repay your home loan based on your current interest rate and your regular repayments. It also allows you to see how much you can save by upping your regular repayments. For example, a $400,000 loan with $2,200 monthly repayments at a 5.00% p.a. interest rate will take 28 years and five months to repay, costing more than $349,000 in interest.

But if you upped your repayments to $2,500 per month, that loan will take just over 22 years to repay and cost $260,000 in interest. That means you can pay off your loan more than six years earlier, saving almost $90,000 in interest costs.

Use our mortgage repayment calculator now to work out how much time and money you can save by increasing your regular repayments.

How long will it take to pay off my home loan?

A home loan is one of the most expensive purchases you’ll ever make, and not just because of the cost of the home. Home loans can see you pay interest for periods of up to 30 years, effectively adding hundreds of thousands of dollars to the price of your home.

The good news is paying more than the minimum repayments can considerably reduce both the length of your home loan and the amount you pay in interest.

That's where our How Long to Pay Off Mortgage calculator can help you see the real savings you can make on your home loan.

And while you're here, check our extra tips on how to pay off your mortgage faster.


Looking for a home loan?

Buying a home or looking to refinance? The table below features home loans
with some of the lowest interest rates on the market for owner occupiers.

Lender

Variable
More details
4.6 Star Customer Ratings
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
  • Dedicated loan specialist throughout the loan application.
Disclosure
4.6 Star Customer Ratings

loans.com.au – Variable Home Loan (LVR < 90%)

  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
  • Dedicated loan specialist throughout the loan application.
Disclosure
Variable
More details
Apply in minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Disclosure
Apply in minutes

Unloan – Variable Rate Home Loan LVR < 80%

  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Disclosure
Variable
More details
  • No annual fees – None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely – Access your additional payments when you need them
  • Home loan specialists available today
Disclosure

ubank, part of National Australia Bank – Neat home loan - max. 60% LVR (Owner occupied, Principal and interest)

  • No annual fees – None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely – Access your additional payments when you need them
  • Home loan specialists available today
Disclosure
Fixed
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  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Flexibility to split your loan with both fixed and variable rates
Disclosure

loans.com.au – Fixed Rate OO P&I (3 years)

  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Flexibility to split your loan with both fixed and variable rates
Disclosure
Variable
More details
  • Estimate your borrowing power in as little as 1 minute
  • Complete your application in as little as 15 minutes
Disclosure

Macquarie Bank – Basic Home Loan (Owner Occupier, Principal and Interest, max 60% LVR)

  • Estimate your borrowing power in as little as 1 minute
  • Complete your application in as little as 15 minutes
Disclosure
Variable
More details
  • Make unlimited additional payments that you can redraw whenever you like
  • Skip the never-ending paperwork with a simple digital application
Disclosure

ubank, part of National Australia Bank – Neat home loan - max. 80% LVR (Owner occupied, Principal and interest)

  • Make unlimited additional payments that you can redraw whenever you like
  • Skip the never-ending paperwork with a simple digital application
Disclosure
Variable
More details
  • Reduce the amount of interest you pay with up to 10 offset accounts per loan account.
  • Get a tailored quote in as little as 3 minutes
  • Complete your application in 15 minutes
Disclosure

Macquarie Bank – Offset Home Loan (Owner Occupier, Principal and Interest, max LVR 60%)

  • Reduce the amount of interest you pay with up to 10 offset accounts per loan account.
  • Get a tailored quote in as little as 3 minutes
  • Complete your application in 15 minutes
Disclosure
Variable
More details
Disclosure

Westpac – Flexi First Option Home Loan (Promo) - Principal & Interest (LVR up to 70%)

    Disclosure
    Variable
    More details
    • You must drawdown the eligible home loan within 120 days of applying.
    Disclosure

    ANZ – Simplicity PLUS Home Loan (Principal and Interest) (LVR < 70%) (New Customer) Special offer

    • You must drawdown the eligible home loan within 120 days of applying.
    Disclosure
    Variable
    More details
    Disclosure

    NAB – Tailored Home Loan Variable Rate - Principal and Interest LVR 60% or less

      Disclosure
      Variable
      More details
      Disclosure

      Commonwealth Bank – Wealth Package Variable Home Loan (Principal and Interest) (LVR 80% - 90%)

        Disclosure
        Variable
        More details
        • No application, ongoing monthly or annual fees.
        • Available for refinance or purchases. Quick and easy online application process.
        • Dedicated loan specialist throughout the loan application.
        • Discounted interest rate for 5 years for homes with an eligible solar system
        Disclosure

        loans.com.au – Solar Home Loan (Principal & Interest) (LVR < 90%)

        • No application, ongoing monthly or annual fees.
        • Available for refinance or purchases. Quick and easy online application process.
        • Dedicated loan specialist throughout the loan application.
        • Discounted interest rate for 5 years for homes with an eligible solar system
        Disclosure
        Variable
        More details

        Heritage Bank – Discount Variable $700,000+ LVR<=70%

          Variable
          More details

          Gateway Bank – Green Plus Home Loans

            Variable
            More details

            Bank Australia – Clean Energy Home Loan Package Eco/Eco Upgrade LVR <90%

              Variable
              More details

              Up – Up Home Variable (Principal & Interest) (LVR < 90)

                Variable
                More details

                Tiimely Home – Live-in Variable Loan Home Loan (Principal and Interest) (LVR < 90%)

                  Variable
                  More details

                  HomeStar – Star Essentials Owner Occupied

                    Variable
                    More details

                    Horizon Bank – Home Sweet Home Loan LVR <= 70%

                      VariableN/AN/A
                      More details

                      BCU Bank – OMG! Home Loan - LVR of <=60%

                        Important Information and Comparison Rate Warning

                        Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of November 9, 2024. View disclaimer.

                        Important Information and Comparison Rate Warning