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What are you borrowing for?
Home & loan
Payment strategy
Cost of owning
Optional, but it shows the true monthly cost of the home.
Where your money goes each month
Mortgage plus the running costs of owning.
Loan balance over time
Hover or tap the chart to inspect any year.
Principal vs interest by year
Early payments are mostly interest. Watch the balance shift.
Smart insights
What-if scenarios based on your numbers.
Amortization schedule
Your current debts
Enter each debt. Switch off “Move to LOC” for anything you want to leave alone, such as a mortgage with a big break penalty.
The line of credit you would use
Fees include mortgage break penalties, LOC setup and legal costs. They are subtracted from your savings.
Cost comparison
Total interest and fees over the life of the debt.
Debt balance over time
How fast the total balance falls under each plan.
How to read this
- Each debt is paid on its own fixed monthly payment until it reaches zero. The LOC is paid with the payment you choose.
- With “Keep my current total”, the LOC payment stays at the combined old total even after individual debts would have ended. Part of the savings comes from that rolled-over payment, not only from the lower rate.
- Check how your lender compounds interest. Some mortgages compound semi-annually; credit cards and lines of credit usually compound monthly.
- Variable rates change over time. This uses one fixed rate per debt. Check prepayment penalties and renewal terms with your bank before moving a mortgage.
Your home loan
Offset loans sometimes carry a slightly higher rate than a similar loan without one. Enter both to see the true benefit.
Your offset account
A partial offset only counts part of your balance against the loan. Your lender’s product sheet shows which applies.
Repayments & fees
Cost comparison
Total interest and account fees over the life of the loan.
Loan balance over time
Hover or tap the chart to compare any month.
How to read this
- Most lenders work out interest daily on your loan balance minus your offset balance, then charge it monthly. This tool uses the monthly equivalent (rate ÷ 12), so it can differ slightly from your statement.
- The repayment stays the same in both cases. With the offset you are charged less interest, so more of each repayment reduces the loan and it ends sooner.
- Lenders can recover the cost of an offset through a higher rate, account fees, or both. Enter them above so the result is honest.
- If your offset balance is bigger than the loan, the extra does not earn interest or offset other loans.
- An offset and a redraw facility save the same interest on the same balance. Offset money is easier to reach, while redraw can have fees, limits or lender approval. On an investment loan, using redrawn money for private purposes can make part of the interest non-deductible, so ask a tax professional.
- Check that the offset is really linked to the loan. ASIC found some banks did not manage links properly, and refinancing can break one. An unlinked account saves you nothing.
- Offsets are less common on fixed-rate loans and may come with limits or fees.
Researched Oct 18, 2026. Sources: MoneySmart (ASIC), Macquarie, Mozo. Rates and fees shown are examples only.
The loan
Your home
Costs added to the loan
These costs are added to what you owe, so you do not pay them out of pocket. Government-insured loans in the US add an insurance premium (set the two premium fields to match your quote). Many other products have none.
Where the loan balance comes from
Everything you owe at the end of the projection.
Loan balance and home value
Hover or tap the chart to compare any month.
Year by year
Amount borrowed + interest added = loan balance. Amount borrowed includes closing costs and any extra monthly cash.
| Year | Amount borrowed | Interest added | Loan balance | Interest each month | Home value | Equity left |
|---|
How to read this
- You make no monthly payments. Interest and fees are added to the balance, and later interest is charged on that bigger balance, so the loan grows faster each year.
- The loan is repaid when you sell the home, move out for good or pass away. Your heirs usually repay it by selling the home.
- You still pay property tax and home insurance, and you must keep the home in good repair and live in it as your main home.
- How much you can borrow depends mostly on your age (the younger borrower if there are two of you), your home value and the rate. The range shown on the left is only an estimate. The lender decides the real figure.
- Rates are usually higher than on a regular mortgage. Some products promise you will never owe more than the home is worth, under conditions. This tool tells you when the balance would pass the home value so you can ask about that.
- Before you sign, get independent legal advice. Many places require it, and the US requires counselling for government-insured loans.
Researched Oct 21, 2026. Minimum age is 55 in Canada and 62 for US government-insured loans. Sources: Wealth North, CFPB. Rates and fees shown are examples only.
The loan
Offers are compared by what they truly cost over the years the buyer expects to keep the loan.
Offers to compare
Ranking
Lowest true cost first.
| Offer | Payment | Interest | Fees net | True cost | Eff. rate | vs best |
|---|
True cost compared
Interest plus fees and points, minus cashback, over the time you keep the loan.