Loan payoff calculator for Australia
Find out what an extra payment each month actually buys you.
Changing country switches the currency and resets the inputs to local starting values.
Your numbers
Debt free in
3 yr 10 mo
5 yr 6 mo without the extra payment
- Total interest
- $15,536
- Interest saved
- $7,751
- versus the minimum
- Months saved
- 20
- Total repaid
- $51,536
Balance
by quarterAssumes a fixed rate and that every extra unit goes to principal. Confirm your lender applies it that way rather than treating it as an advance payment.
How to read the result
Extra principal payments hit the most expensive part of a loan first, so small amounts have an outsized effect on the payoff date.
Enter your balance and payment, then add whatever extra you can afford to see the months and interest it removes.
This page is set to Australia and prints AUD. Starts at a 20% revolving rate. Every figure is a starting point you should overwrite with your own.
Worked example in AUD
Using the values the form starts with.
Debt free in
3 yr 10 mo
- Total interest
- $15,536
- Interest saved
- $7,751
- Months saved
- 20
- Total repaid
- $51,536
Questions people ask
- Why does my payment never clear the balance?
- If the monthly payment is smaller than the interest accruing each month, the balance grows. Raise the payment until the result stops saying never.
- What rate is typical for revolving credit in Australia?
- Card and revolving rates around 20% are common in Australia, which is why this page starts there. Your own agreement is the number that counts.
- Highest rate or smallest balance first?
- Paying the highest rate first costs the least. Paying the smallest balance first is easier to stick to. Run both and pick the one you will follow.
Loan payoff in other countries
Same maths, local currency and local starting values.