Extra Repayment Calculator
Extra Repayment Calculator: Interest and Time Saved
Enter your loan and an extra amount each month, a lump sum, or both, to estimate the interest you could save and how much sooner the loan could be repaid.
Your extra repayment savings
Assumes monthly principal and interest repayments and a rate that doesn’t change.
Enter your loan, rate and an extra amount to see an estimate.
Results are estimates only, based on the figures you enter, monthly repayments and a rate that stays the same. They don’t include fees or break costs, and they aren’t a quote, an approval or a loan offer. They don’t consider your objectives, financial situation or needs. Extra repayment rules vary by lender and loan type. Lending criteria apply.
How it works
Every extra dollar goes to the principal.
Your scheduled repayment covers that month’s interest plus some principal. Anything extra goes straight to the principal, so the next month’s interest is a little lower, and the effect builds over the life of the loan.
An example
On a $500,000 loan at 6% over 30 years, the scheduled repayment is about $2,998 a month. Paying an extra $200 a month would save about $103,100 of interest and repay the loan 4 years and 6 months sooner, if the rate stayed the same. This example uses a sample rate for illustration only, not an advertised rate or an offer.
Extra repayments or an offset?
Both cut interest. Extra repayments go into the loan and may need a redraw to get back; an offset keeps the money in your own account. Compare them with the offset calculator, or read our offset account guide.
Want to see what a different rate could change? Try the refinance calculator or see variable rates by lender.
Questions
Common questions, straight answers.
Can I make extra repayments on any home loan?
Many variable loans allow extra repayments without a limit. Many fixed loans cap them, often at a set amount each year, and going over can mean a break cost. Check your loan’s terms.
Can I get extra repayments back?
If your loan has a redraw facility, you may be able to withdraw extra repayments, though some lenders set minimums or fees. An offset account is another way to keep savings accessible.
Do extra repayments lower my required repayment?
Usually not. Most lenders keep your scheduled repayment the same, so the extra money shortens the loan. Some will recalculate the repayment on request.
What does it cost to use a mortgage broker?
We don’t charge you for our service. Lenders pay us a commission if you go ahead with a loan. Lender fees may apply, and we go through them with you before you decide.
Want to compare how loans handle extra repayments?
No obligation. No pressure. Just honest answers.
We don’t charge you for our service. Lenders pay us a commission if you go ahead with a loan.