Extra Repayments Calculator
Find out how much you could save by making extra repayments on your home loan. You might be surprised by how much sooner you can be mortgage-free!
Calculate Your Savings
How to Use This Calculator
This calculator helps you see the impact of making extra repayments on your mortgage.
Loan Amount: The original amount of your home loan.
Interest Rate: The current interest rate of your loan.
Loan Term: The original term of your loan in years.
Extra Repayment: The additional amount you plan to pay each period (e.g., weekly, fortnightly, or monthly).
The results will show you the potential interest savings and how much you could reduce your loan term.
Ready to Pay Off Your Loan Faster?
Our mortgage experts can help you review your loan and find opportunities to save money and become debt-free sooner.
Frequently Asked Questions
How do extra repayments save me money?
Extra repayments go directly towards reducing your loan principal. A lower principal means you pay less interest over the life of the loan, which can add up to significant savings.
Can I make extra repayments on a fixed-rate loan?
Some fixed-rate loans have limits on how much you can repay each year without incurring fees. It's best to check with us or your lender to understand the terms of your specific loan.
What's the difference between fortnightly and monthly repayments?
By paying half your monthly repayment every fortnight, you end up making an extra full month's repayment each year (since there are 26 fortnights). This simple change can shave years off your mortgage.
Should I make extra repayments or invest the money elsewhere?
This depends on your financial goals and risk tolerance. Paying down your mortgage offers a guaranteed, tax-free return equal to your interest rate. We can help you weigh the pros and cons.