Home loan repayments

How Long to Repay Calculator

Enter the repayment you can afford and see how long the loan takes to clear and what it costs in interest.

Cost: Free
Your figures: Stay in your browser
Method: Set out below

Loan amount

Interest rate

% p.a.

Repayment

$a month

The same amount every repayment until the loan is cleared.

Repayment frequency

Time to repay

23 years 2 months

Of the first $4,000.00 repayment, $3,000.00 is interest.

Number of repayments: 278
Final repayment: $3,806.23
Total interest: $511,806
Total repaid: $1,111,806

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Estimate only, based on the figures entered and the assumptions listed below. It is not a quote, an offer of credit or personal advice.

Loan balance over time

What you would still owe at the end of each year at this repayment.

Show the figures as a table

Loan balance at the end of each year at this repayment
Point	Loan balance
Start	$600,000
End of year 1	$587,664
End of year 2	$574,568
End of year 3	$560,664
End of year 4	$545,902
End of year 5	$530,230
End of year 6	$513,591
End of year 7	$495,926
End of year 8	$477,171
End of year 9	$457,260
End of year 10	$436,121
End of year 11	$413,677
End of year 12	$389,850
End of year 13	$364,553
End of year 14	$337,695
End of year 15	$309,181
End of year 16	$278,909
End of year 17	$246,769
End of year 18	$212,647
End of year 19	$176,420
End of year 20	$137,959
End of year 21	$97,126
End of year 22	$53,774
End of year 23	$7,749
End of year 24	$0

How this calculator works

Start from the repayment you are comfortable with rather than the term. The calculator counts the repayments until the balance reaches zero, with the last one smaller than the rest.

If the repayment is not more than the interest charged each period, the balance never falls. The result tells you the smallest repayment that makes progress.

Assumptions

The interest rate stays the same for the whole term.
Interest is charged at the repayment frequency: the annual rate divided by 12, 26 or 52 each period. A year is taken as 52 weeks or 26 fortnights.
Repayments are principal and interest, made at the end of each period.
The repayment stays the same until the loan is cleared. The final repayment is only what is still owing.
The calculation stops after 5,200 repayments (100 years of weekly repayments) and shows a longer payoff as never reached.

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