How Long To Repay Calculator
Use our calculator to find out how long it’ll take to pay off you loan and become mortgage free!
How Long Until You’re Mortgage-Free?
Whether you’ve just picked up the keys to your first home or you’re looking to shave years off your current mortgage, knowing your freedom date is the first step. Our How Long to Repay Calculator helps you visualise your progress and discover how small changes today can lead to massive savings tomorrow.
Why Every WA Homeowner Should Use This Calculator
In a shifting interest rate environment, staying on top of your numbers is essential. This tool isn’t just for planning; it’s for taking control.
-
Test “What If” Scenarios: See what happens if you increase your repayments by just $50 a week.
-
Compare Frequencies: Discover why switching to fortnightly payments can often cut months off your loan term.
-
Plan for Rate Changes: See how a potential rate rise impacts your repayment timeline.
Proven Ways to Pay Off Your Loan Faster
Once you’ve used the calculator, you might want to bring that “years remaining” number down. Here are the most effective strategies our clients use:
1. Make Frequent Repayments
By switching from monthly to fortnightly repayments, you effectively make one extra month’s payment every year. Over a 30-year loan, this can save you thousands in interest.
2. Use an Offset Account
An offset account is a standard transaction account linked to your home loan. Every dollar in this account offsets the balance of your loan, meaning you only pay interest on the difference.
3. Tip in Your Windfalls
Tax returns, work bonuses, or inheritance – putting lump sums directly into your mortgage (if your loan type allows) has a compound effect on reducing your total interest.
Frequently Asked Questions (How Long to Repay Calculator)
Q. How accurate is this calculator?
A. This tool provides a high-level estimate based on the data you provide. It assumes a constant interest rate and does not account for bank fees or government charges like LMI. For a precise, personalised breakdown, we recommend speaking with a Westgate specialist.
Q. Does the frequency of my pay matter?
A. Generally, aligning your mortgage repayments with your pay cycle (weekly or fortnightly) makes budgeting easier and helps you stay ahead of interest charges.
Q. Can I change my loan term later?
A. Yes. Refinancing or renegotiating your loan term is a common strategy as your income grows or your lifestyle changes.
