Savings .com.au

Calculating how long to pay off your mortgage

Savings.com.au’s How Long To Repay My Mortgage calculator can help you estimate you how long it could take you to pay off your mortgage based on your regular repayments and interest rate. For example, a $350,000 loan with $2,000 monthly repayments at a 3.80% p.a. interest rate will take 21 years and eight months to repay, costing over $161,000 in interest.

But if you upped those repayments to $2,500 per month, that loan term will take just 15 and a half years to repay, and will cost $113,000 in interest. That’s six years earlier and almost $50,000 less in interest costs.

So use our mortgage repayment calculator now to work out how much time and money you can save by upping those 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 that’s not just because of the purchase price of the home itself. Home loans can also be as long as 30 years, sometimes longer, which is decades of interest that can be accrued.

Home loans can be shorter though, and paying more than the minimum repayments can help you pay it off sooner. Not to mention, a shorter home loan will also generally cost less in interest over time. Find out more about the typical length of a home loan and tips to pay yours off quicker.


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

VariableMore details
Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
Online ExclusiveUp To $4K Cashback

loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
VariableMore details
Refinance OnlyApply 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.
Refinance OnlyApply In Minutes

Unloan – Variable Rate Home Loan – Refinance Only

  • 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.
VariableMore 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
VariableMore details
Unlimited RedrawsApply In Minutes
  • Low Deposit (<95% LVR) with No LMI required
  • Unlimited Redraw and additional repayments
  • No Application or ongoing fees
Unlimited RedrawsApply In Minutes

Sucasa – Ultra Low Rate (Variable) - <95% LVR - No LMI (New Purchases)

  • Low Deposit (<95% LVR) with No LMI required
  • Unlimited Redraw and additional repayments
  • No Application or ongoing fees
VariableMore details
4.6 Star Customer Ratings
4.6 Star Customer Ratings

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

    VariableMore details

    ubank – Neat Variable Home Loan (Principal and Interest) (LVR 70%-80%)

    • Home loan specialists available today
    FixedMore details

    Westpac – Premier Package Fixed Options Home Loan (Principal and Interest) 1 Year (LVR < 70%)

      VariableMore details

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

        VariableMore details

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

          FixedMore details

          ANZ – Fixed Rate Home Loan (Principal and Interest) 5 Years (LVR < 80%)

            VariableMore details

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

              VariableMore details

              P&N Bank – & Basic Home Loan (LVR < 60%)

                FixedMore details

                Newcastle Permanent – Premium Plus Package Fixed Rate Home Loan Special (Principal and Interest) 2 Years

                  FixedMore details

                  Commonwealth Bank – Fixed Rate Home Loan (Principal and Interest) 3 Years

                    FixedMore details

                    HSBC – Package Fixed Rate Home Loan (Principal and Interest) 4 Years (LVR < 80%)

                      FixedMore details

                      IMB Bank – Fixed Rate Home Loan (Principal and Interest) 3 Years (LVR ≤ 80%)

                        FixedMore details

                        ING – Fixed Rate Home Loan 5 Years (LVR < 80%)

                          FixedMore details

                          Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 5 Years

                            FixedMore details

                            Newcastle Permanent – Premium Plus Package Fixed Rate Home Loan (Principal and Interest) 1 Year

                              FixedMore details

                              ANZ – Fixed Rate Home Loan (Principal and Interest) 2 Years (LVR > 80%)

                                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 February 27, 2024. View disclaimer.