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The Interest IQ Mortgage Freedom Calculator

Discover how much time and interest you could save.

Go beyond the ordinary repayment calculator. Explore daily interest, repayment frequencies, offsets and extra payments—with an Australian-style day-by-day loan simulation.
Mortgage Freedom Calculator preview · No login required during testing · Calculations are estimates
MORTGAGE FREEDOM CALCULATOR

Explore your options. Discover your mortgage-free date.

Start with an extra $1 a day or build a more detailed loan scenario with transactions, an offset account.

Start with a small extra repayment. Select a daily amount below to add a recurring extra transaction to your loan, then explore what changes. You can edit or disable the transaction at any time. Full controls are available below. Consider what the maximum daily amount is that you wouldn’t miss from your bank account and try that number!

What difference could just $1 a day make?

Add an automated modelled daily extra repayment.

Select a daily extra repayment to begin.

Loan

Set start date

Interest rate

Repayments

Set first repayment date
Interest only

Set paid in advance (redraw)

Enter funds already paid ahead and still available for redraw. The outstanding loan balance should already reflect those earlier payments. Withdrawals cannot exceed the available paid-in-advance balance; lender restrictions and fees are not modelled.

Offset accountSupports regular deposits and withdrawals.

Results

Estimated time saved
0 days
0.0 years
Estimated interest saved
$0
Monthly repayments
$0.00
Total loan repayments
$0.00
Total interest charged
$0.00
Mortgage freedom date
—
Paid in advance / redraw
$0.00

Loan balance

Swipe sideways to see the entire chart →
Original loanReduced loanOffset balance

Extra transactions

Additional repayments, withdrawals, fees and offset transactions. Add as many multiple transactions as you wish.

Schedule

Calculation notes

Interest is accrued daily on the interest-bearing loan balance and rounded to five decimal places, then accumulated and charged monthly after rounding to cents. Monthly dates preserve the original day where possible and use the last day of shorter months. Results are estimates; lender policies can vary.