Mortgage Term Calculator
Find out how long it will take to repay your mortgage in full given your loan balance, interest rate and chosen repayment amount.
Your results
Calculation breakdown
- Iterative payoff
- Reduce balance by repayment minus interest each month until it reaches zero
Worked example
A $500,000 loan at 6% repaid at $3,500 a month takes about 22 years and 10 months to clear, with total interest of roughly $460,000.
Assumptions
- Assumes the interest rate and repayment amount stay constant for the whole term.
How this calculator works
This calculator works backwards from a chosen repayment amount to estimate how many years and months it will take to fully repay a mortgage at a given interest rate, rather than solving for the repayment from a fixed term.
Frequently asked questions
What happens if my repayment is too low?
If the repayment does not cover the interest charged each period, the loan will never be repaid and the calculator will flag this instead of showing a term.
Does a higher repayment always shorten the term?
Yes, provided the extra amount goes to principal, a higher regular repayment reduces the balance faster and shortens the overall term.
Does this include rate changes over time?
No, it assumes the interest rate stays constant for the calculation; a real variable rate loan's term will shift as rates change.
Results are estimates only and are not financial, tax, legal or credit advice.