WARNING: The results of these calculations could lead to an unpleasant surprise. Do not let this deter you.
This calculator will enable you to get a broad picture of the income tax and mortgage payments that you will make in the years leading up to your planned retirement.
how much income tax you will pay each year
your total tax bill between now and retirement
your total mortgage repayments in these years
taxable income needed to meet these repayments
how long it will take to pay off your mortgage
how much income you will need at retirement
Please note that these calculations are to be used as indicative guidelins only, and financial decisions should not be taken based on the results without consulting your accountant, financial planner or a similar specialist.
PROCEED WITH CAUTION: In case of shock, please consult your physician.
Please enter the required data in the fields below
Taxable income
$
Age next birthday
Planned retirement age
Planned income on retirement (Percentage of current income)
%
No. of years remaining on mortgage
Current mortgage balance owing
$
Minimum monthly mortgage repayments
$
Mortgage interest rate
%
Inflation rate
%
The calculations based on your inputs appear below.
CAUTION: Please ensure you are in a seated position before reading
Australian Tax payable annually (including Medicare levy)
$
Your average tax rate
%
Total tax payable from now to retirement (adjusted for inflation)
$
Total mortgage repayments
$
Taxable income required to repay mortgage
$
Planned year of retirement
Income required at retirement adjusted for inflation
$
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