Find out how long it will take to pay off your loan.
Most calculators ask how long you want the loan and tell you the repayment. This one runs the other way: you set what you can afford to pay, and it tells you how long the debt lasts. That framing is more useful when you are deciding whether to increase a repayment, because it converts an abstract extra amount into a concrete number of years removed.
The same maths applies to a credit card, a personal loan or a car loan, and the result is often more confronting. Minimum repayments on revolving debt are structured so the balance reduces slowly, and seeing the payoff horizon at the minimum versus a fixed higher amount is usually the fastest argument for consolidating or paying above the minimum.
The result assumes the rate and your repayment both stay where you set them. In reality a variable rate moves and your capacity changes. Re-run it when either changes rather than treating the first answer as fixed.
A calculator gives you a starting figure. What a lender will actually approve depends on your income, expenses, credit history and the property, and it varies between lenders. We compare more than 40 lenders on our panel and will tell you where you genuinely stand — see our home loan, refinancing and car loan services, or the suburb pages for Werribee, Tarneit and Point Cook.
Because the extra goes entirely against principal, and every dollar of principal removed also removes all the future interest it would have attracted.
Yes, though a credit card balance that keeps being added to behaves differently. It is most accurate if you stop using the card.
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