Pay-It-Off Visualiser
Move to a lower rate but keep paying what you pay now. The extra comes straight off the principal. See how much sooner the loan is gone.
Your loan
Market average, indicative owner-occupier variable rate.
Estimates assume your repayment stays constant and rates do not change over the period. Fees and offsets are left out. The comparison rate is not a rate offered by Dash Money Solutions. Indicative only.
How this works
We take today’s repayment at your current rate and hold it steady. At the comparison rate, less of each repayment goes to interest, so more comes off the balance. We count the months until it reaches zero.
- Your repayment stays exactly as it is today.
- The comparison rate starts at the market average. Change it to any rate you have been quoted.
- Rates hold steady, and fees, offsets and redraws are left out.
Questions people ask
No. With most variable loans it is your choice. Some people take the lower repayment for breathing room, others keep paying the old amount to finish sooner. You can also land somewhere in between.
In effect, yes. The lower rate reduces the minimum repayment and you keep paying the difference as extra. Check that your loan allows extra repayments without a fee, which most variable loans do.
Then the finish date moves out again. Any projection over decades is a sketch. It is still a useful way to see what a rate difference is worth in time rather than dollars.