Estimate how long it takes to clear a loan from its balance, rate and repayment — and see how an extra repayment moves the payoff date.
What this calculator estimates
This tool answers a single, useful question: at your current repayment, how long until the loan is gone? Enter the balance outstanding, the interest rate, and the amount you actually pay each month. The calculator treats it as a standard amortising loan — interest charged on the balance, the rest of each payment reducing principal — and solves for the payoff date, the total interest you will pay along the way, and the total amount repaid.
What drives the number
Three things move the answer, and not equally. The repayment matters most: because interest is charged on the balance, every extra dollar above the minimum comes straight off principal and compounds in your favour, which is why the "extra repayment" field can pull years off the term. The rate sets how much of each payment is eaten by interest before any principal moves. And the balance sets the starting point. One caution the calculator makes explicit — if a repayment only covers the monthly interest, the loan never amortises and never clears.
Use it as a starting point
The clean maths here is a guide, not your real loan. Offset balances, fees, redraw, rate changes and repayment frequency all shift the actual date, and lenders calculate interest differently. The bigger lever is usually structure — offset, splits, and which lender's policy fits your circumstances — not a small move in the rate. Book a strategy session and we will model your real loan properly.
General information only — not personal financial product or credit advice. The estimate is indicative and depends on each lender's policy, current rates and your full circumstances. AeFin is an Australian Credit Representative (CR 464548) of Finsure (ACL 384704).