Payoff Path

Household money

Salary A

$

Salary B

$

Net (take home) pay, per month each.

Regular expenses

$

Bills, groceries, insurance, transport. Per month, not counting the mortgage.

Spending money

$

The fun budget, per month for the household.

Holidays

$

Per year for the household, taken out of the offset once a year.

The house

House price

$

Deposit

$

Stamp duty

$

First home buyers

Renovation at settlement

$

Done when you move in, paid upfront from savings.

Later renovation stages

Each stage is paid from the offset at the start of that year of the loan (year 3 means two years in).

Cash savings at settlement

$

Not counting the deposit. Stamp duty and the renovation are paid from here; whatever is left becomes your opening offset balance.

The loan

Interest rate

%

Loan term

yrs

Monthly repayment –

Loan cleared in –

Interest you'll actually pay –

Interest saved –

The race to zero

Loan balance falling, offset balance rising. Where they meet, the loan ends.

▶Year by year

Year	Interest paid	Loan balance	Offset	Net owing