Mortgage Payoff Calculator
Calculate how to pay off your mortgage faster and save on interestPay Off Your Mortgage Years Earlier & Save Thousands
Paying off your mortgage early could save you tens or even hundreds of thousands of dollars in interest and free you from debt years sooner. This free Australian mortgage payoff calculator helps you see exactly how making extra repayments or lump sum payments can dramatically reduce your loan term and total interest paid.
Whether you've just taken out a new home loan or you're years into your mortgage journey, this calculator will show you strategies to become mortgage-free faster. Try adjusting the extra payment amount to see how even small, regular contributions can make a significant difference over time.
Repayment Summary
| Details | Original Plan | With Extra Payments | Savings |
|---|---|---|---|
| Monthly Payment | $0.00 | $0.00 | - |
| Total Interest | $0.00 | $0.00 | $0.00 (0.0%) |
| Total Payment | $0.00 | $0.00 | $0.00 |
Time Saved on Your Mortgage
By making additional payments, you'll pay off your loan earlier and save on interest.
Payment Schedule Visualization
Mortgage Payoff Visualization
Tips to Pay Off Your Mortgage Faster
- Make regular extra repayments, even small amounts add up over time
- Consider making lump sum payments when you receive bonuses or tax returns
- Switch to fortnightly or weekly repayments to make an extra payment each year
- Review your mortgage regularly to ensure you're getting competitive interest rates
Why Pay Off Your Mortgage Early?
With the average Australian home loan sitting at around $600,000, most homeowners will pay hundreds of thousands of dollars in interest over the life of their loan. By implementing strategies to pay off your mortgage early, you can:
- Save substantial interest - Even small extra repayments can save tens of thousands over the loan term
- Reduce financial stress - Becoming debt-free provides financial security and peace of mind
- Free up future income - Eliminating mortgage payments means more money for other goals
- Build equity faster - Extra payments build your ownership stake in your property more quickly
- Create flexibility - Reducing debt provides more options for career changes or retirement planning
Effective Strategies for Paying Off Your Mortgage Faster
- Make extra repayments - Even an additional $50-100 per month can make a significant difference
- Use lump sums wisely - Apply tax returns, bonuses, or inheritance to your mortgage
- Switch to fortnightly payments - This results in one extra monthly payment per year
- Consider an offset account - Reduces interest while maintaining access to your savings
- Refinance to a lower rate - But continue making the same payment amount to pay down principal faster
Use our calculator above to see exactly how these strategies can work for your specific situation. Experiment with different extra payment amounts, frequencies, and lump sum contributions to find the approach that works best for your financial circumstances.