Mortgage Payoff Calculator
Find out how extra repayments, lump sum payments, or an offset account can help you pay off your mortgage faster and save on interest.
Loan Details
Repayment Summary
| Details | Original | With Extra | Saved |
|---|---|---|---|
| Monthly Payment | $2,962.48 | $2,962.48 | - |
| Total Interest | $566,494.20 | $566,494.20 | - |
| Total Payment | $1,066,494.20 | $1,066,494.20 | - |
Time Saved on Your Mortgage
No change
Add extra repayments, a lump sum, or an offset balance to see how much time you could save.
Interest Saved
$0.00
Original Term
30 years
New Term
30 years
Extra Payments
Mortgage Payoff Visualisation
How your mortgage balance decreases over time with and without extra payments.
Why Pay Off Your Mortgage Early?
With the average Australian home loan sitting at around $600,000, most homeowners end up paying hundreds of thousands of dollars in interest over the life of their loan. By putting a few simple strategies in place, you can:
Save on interest - even modest extra repayments can save you tens of thousands over the full loan term
Reduce financial stress - becoming mortgage-free gives you greater security and peace of mind
Free up future income - without a mortgage payment, you have more room for other goals
Build equity faster - extra payments grow your ownership stake in your property sooner
Create flexibility - less debt means more options when it comes to career changes or retirement
Practical Strategies for Paying Off Your Mortgage Sooner
Increase your repayments - even an extra $50 to $100 per month can make a noticeable difference
Direct lump sums to your loan - use tax refunds, bonuses, or any windfall to chip away at the balance
Switch to fortnightly payments - this results in roughly one extra monthly payment each year
Use an offset account - it reduces the interest you are charged while keeping your savings accessible
Refinance to a lower rate - but keep making the same repayment amount so the extra goes straight to principal
Use the calculator above to see exactly how these strategies could work for your situation. Try different extra payment amounts, frequencies, and lump sum contributions to find an approach that fits your budget.
This calculator provides estimates only and does not constitute financial advice. Actual repayments may vary depending on your lender, fees, and loan features. Book a call for personalised guidance.