How Long To Repay Calculator

A how long to repay calculator for home loans and other loans repaid in regular instalments. Enter the balance, the interest rate and what you actually repay each week, fortnight or month, and it works out how long the loan will take to clear, the total interest and the total you will pay. It is the quickest way to see what an extra repayment, a rate cut or a change of frequency does to your payoff date.

Want a more accurate result?

Calculator results are estimates only. They assume your rate and repayment stay the same for the whole term, and a broker can check the result against your actual loan.
Free review. No obligation. Takes 2 minutes

One $500,000 loan, four numbers

At 6.2 per cent over 30 years, from the worked figures further down this page.
0
Per cent of year one repayments that go to interest
0
Years cut by repaying $500 a month more
0
Years cut by keeping your repayment after a 0.25 point rate cut
0
Monthly repayments a year when you pay half each fortnight
Every figure is illustrative and assumes the rate stays the same for the whole term. Rates move, so read them as a guide to the size of each effect.

What this calculator works out

Enter the balance, the interest rate, your repayment and how often you pay. The calculator returns three figures and a chart of the balance falling to zero.

How long the loan will run

Loan term
The years and months until the balance reaches zero at the repayment you entered. Enter your lender’s minimum and you get your original term. Enter what you actually pay and you see your real payoff date.

What the interest will cost

Total interest payable
Every dollar of interest charged over the life of the loan. On a long loan it can be more than the amount you borrowed: $602,444 on a $500,000 loan at 6.2 per cent over 30 years.

What you will pay in all

Total payments
The balance plus the interest, which is everything that leaves your account apart from fees. Compare it at two repayment amounts to see what an extra repayment is worth.

How is the loan term worked out?

Each month the lender adds interest to the balance and takes your repayment off it. Whatever is left after the interest goes to the principal, and the loan ends when the principal reaches zero. The calculator counts how many repayments that takes.

On a $500,000 loan at 6.2 per cent, the interest in the first month is about $2,583. A repayment of $3,062, the minimum for a 30 year term, puts only $479 of that first payment toward the balance. Across the first year, $30,834 of the $36,748 you repay is interest, and the balance falls by $5,914.
Number of monthly repayments

= -ln(1 – r B / P) / ln(1 + r)

Where B is the balance, P is the monthly repayment and r is the annual rate divided by 12. This is the standard amortisation formula. It gives the same 15 years and 7 months as the calculator above for its default loan.
That formula has two practical consequences.

First, the repayment has to be larger than the monthly interest. On that loan, at $2,583 a month the balance never falls, and below it the debt grows. The balance multiplied by the monthly rate is the line your repayment has to clear.

Second, the first extra dollars do the most work. Adding $200 a month cuts about 4 years and 7 months from the term. Adding $1,500 cuts about 16 years and 5 months, which is less per dollar. Every extra dollar still helps, a little less than the one before it.

Repayments and loan term on a $500,000 loan

The same loan at the same 6.2 per cent, at five repayment levels. The first row is the minimum repayment for a 30 year term.
Monthly repaymentAbove the minimumLoan termTotal interestInterest saved
$3,062Minimum30 years$602,444None
$3,262+$20025 years 5 months$493,618$108,826
$3,562+$50020 years 11 months$392,864$209,581
$4,062+$1,00016 years 5 months$296,479$305,966
$4,562+$1,50013 years 7 months$239,450$362,994
An extra $200 a month, $2,400 a year, saves $108,826 in interest. Paying half the minimum every fortnight does a little better, about 24 years and 5 months and $132,875 saved, because 26 half payments a year add up to 13 monthly ones. Lump sums help too, and timing matters: $20,000 paid off in year two saves $83,682, while the same $20,000 in year twenty saves $16,095.

Worked example: a 0.25 point rate cut, two choices

The same $500,000 loan at 6.2 per cent, with a minimum repayment of $3,062 a month. The rate falls by 0.25 points at the start of the loan. The figures are illustrative and assume the new rate holds for the rest of the term.

30 years

Borrower one lets the repayment fall to the new minimum. It drops by about $81 a month, and the loan still runs its full term.
Repayment falls to $2,982 a month
Loan term stays at 30 years
Total interest $573,411
Years saved: none

28 years

Borrower two keeps paying $3,062. The $81 a month freed up by the rate cut goes straight to the principal.
Repayment stays at $3,062 a month
Loan term 28 years
Total interest $526,820
$46,592 less interest than borrower one

What the calculator does not show you

A payoff date is a projection from today’s numbers. These are the things that can move it.

Rates will not stay where they are

The calculator holds the rate steady for the whole term. On a variable loan a rise usually means a higher minimum repayment, and a cut is your chance to keep paying the old amount, as the worked example shows.

Offset and redraw balances

Money in an offset account reduces the balance interest is charged on. Most home loans calculate interest daily, so a steady offset balance shortens the term even though the calculator cannot see it.

Fixed rate limits and break costs

Many fixed rate loans limit how much extra you can repay during the fixed period, and paying the loan out early can bring a break cost. Check your contract before planning large extra repayments on a fixed loan.

Fees and a reset term

Account fees are not in the calculator. Refinancing to a new 30 year term can also push your payoff date back out, unless you keep repaying at your old level.
To see the effect of an offset balance or a lump sum, use the home loan offset calculator or the lump sum repayment calculator.

How to bring your payoff date forward

Three steps, starting from your own loan statement.

1

Find your real numbers

Take the balance, the rate and your actual repayment from your latest statement, not the figures from when you borrowed. Run them in the calculator above to see your real payoff date.

2

Choose the lever that suits you

A higher regular repayment, half repayments every fortnight, keeping your old repayment after a rate cut, a lump sum, or savings held in an offset account. The table on this page shows what each one is worth.

3

Check the rate itself

If your rate is above what new borrowers are offered, a lower rate with the same repayment can cut years on its own. We compare your loan with our lender panel and show you the result before anything changes.

Related tools and sources

The figures on this page use one illustrative loan so the scenarios can be compared side by side: $500,000 over 30 years at 6.2 per cent, the Reserve Bank’s average rate on outstanding owner-occupier variable loans in August 2026. Your own balance and rate will give different numbers, so run them in the calculator above.
Related tools on this site: extra repayment calculator, lump sum repayment calculator, fortnightly and weekly repayment calculator, home loan offset calculator and the loan repayment calculator.

If a lower rate could shorten your loan faster than extra repayments, see refinancing your home loan or home loans in Adelaide.
Sources
Reserve Bank of Australia: Statistical Table F6, Housing Lending Rates, for the 6.2 per cent average rate on outstanding owner-occupier variable loans in August 2026.
Moneysmart: Mortgage offset accounts, on interest being calculated daily on most home loans, and Mortgage calculator, on lenders calculating interest and repayments in slightly different ways; Switching home loans, on break costs and discharge fees.

About the figures. Every figure on this page was calculated with the standard monthly amortisation method. The same method reproduces the calculator’s default result: $250,000 at 5.5 per cent repaid at $2,000 a month takes 15 years and 7 months and costs $122,098 in interest. The rates used are illustrative and are not an offer. Last updated 21 October 2026.

General information only. Nothing on this page takes your objectives, financial situation or needs into account. Your loan contract sets out how your lender calculates interest, any limits on extra repayments and any costs of paying the loan out early. Loanity is a credit representative and can provide credit assistance once we understand your situation.
STILL GOT QUESTIONS?

Loan term questions, answered

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

It depends on the balance, the rate and what you repay. Paying your lender’s minimum repayment finishes the loan at the end of its original term. Paying more brings that forward: on a $500,000 loan at 6.2 per cent, the 30 year minimum is $3,062 a month, and paying $3,562 clears it in about 20 years and 11 months.

Divide the annual rate by 12 to get the monthly rate r. The number of monthly repayments is minus ln(1 minus r times the balance divided by the repayment), divided by ln(1 plus r). The calculator above does this for you. It only works when the repayment is larger than the monthly interest; otherwise the loan never ends.

On a $500,000 loan at 6.2 per cent, an extra $200 a month cuts about 4 years and 7 months and saves $108,826 in interest. An extra $500 a month cuts about 9 years and saves $209,581. The table on this page shows five repayment levels side by side.

Yes, if you pay half your monthly repayment every fortnight. There are 26 fortnights in a year, so you make the equivalent of 13 monthly repayments instead of 12. On the $500,000 example that clears the loan in about 24 years and 5 months and saves $132,875 in interest.

Both cut the interest you are charged. Money in an offset account reduces the balance interest is calculated on while staying in your own account, and extra repayments may be available again through redraw, depending on the loan. If the home could become an investment property later, ask about the tax difference before you choose.

Usually, when a variable rate rises, your lender raises the minimum repayment so the loan still finishes on time. If you were already paying more than the minimum and keep paying the same amount, your payoff date moves later. If a repayment falls to the level of the monthly interest, the balance stops falling.

If your budget allows it, it is one of the easiest ways to shorten a loan. On the $500,000 example, a 0.25 point cut lowers the minimum repayment by about $81 a month. Keeping the old repayment instead cuts 2 years from the term and saves $46,592 in interest.

Yes, and the earlier the better. On the $500,000 example, a $20,000 lump sum in year two saves $83,682 in interest and about 2 years and 9 months. The same $20,000 in year twenty saves $16,095, because there is less interest left to save by then.

Often there is no penalty for extra repayments on a variable loan, but costs can still apply. A lender can charge a discharge fee when the loan is closed, and a fixed rate loan can carry a break cost if you pay it out before the fixed period ends. Many fixed loans also limit extra repayments. Check your contract first.

The calculator assumes one rate and one repayment for the whole term and charges interest monthly. Most lenders calculate interest daily, rates change, and fees or an offset balance also affect the result. Lenders also calculate interest and repayments in slightly different ways, so treat the calculator as a close estimate.

Talk to a broker about your payoff date

A free review of your loan, your repayment and your rate, with the payoff date for each option in front of you. Call 1800 237 537 or book a time that suits you.