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
  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
4.6 Star Customer Ratings

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

  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
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.
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.
Variable
More details
Unlimited Redraws
  • 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
Unlimited Redraws

ubank – Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • 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
Variable
More details
No hidden feesFree redraw facility
No hidden feesFree redraw facility

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

    Variable
    More details
    • Up to $4,000 when you refinance with an IMB home loan.

    IMB Bank – Budget Home Loan (Principal and Interest) (LVR < 70%)

    • Up to $4,000 when you refinance with an IMB home loan.
    Variable
    More details
    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes

    Macquarie Bank – Basic Home Loan (Principal and Interest) (LVR < 60%)

    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes
    Variable
    More details
    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes

    Macquarie Bank – Offset Package Home Loan (Principal and Interest) (LVR < 60%)

    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes
    Variable
    More details

    ubank – Neat Variable Home Loan (Principal and Interest) (LVR ≤ 80%)

    • Home loan specialists available today
    Variable
    More details
    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes

    Macquarie Bank – Basic Home Loan (Principal and Interest) (LVR 70%-80%)

    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes
    Variable
    More details

    Commonwealth Bank – Wealth Package Variable Home Loan (Principal and Interest) (LVR 70% - 80%)

      Variable
      More details

      NAB – Base Variable Home Loan (Principal and Interest) (New Customer)

        Variable
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        Westpac – Flexi First Option Home Loan (New Customer) (LVR > 80%)

          Variable
          More details

          ANZ – Standard Variable Home Loan (Principal and Interest) (LVR < 80%)

            Variable
            More details

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

              Variable
              More details

              Heritage Bank – Discount Variable Home Loan ($150k+) (LVR < 70%)

                Variable
                More details

                People's Choice – Package Variable Home Loan (Principal and Interest) (New Customer) ($100k+) (LVR < 70%)

                  Variable
                  More details

                  Bendigo Bank – Express Home Loan (Principal and Interest)

                    Variable
                    More details

                    HSBC – Home Value Home Loan (Principal and Interest) (LVR < 70%)

                      Variable
                      More details

                      MOVE Bank – Everyday Home Loan (Principal & Interest) LVR < 80%

                        Variable
                        More details

                        Suncorp Bank – Personal Purpose Back to Basics Special (Principal and Interest) (LVR ≤ 60%) (New Customer)

                          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 July 15, 2024. View disclaimer.