Home Loan Extra Repayment Calculator

Making extra repayments on your mortgage could help you pay off your loan faster and reduce the total interest you pay. Use our extra repayment calculator to estimate how much you could save by making additional payments. Simply enter your loan details and see the impact of paying a little extra each month.

How Does The Extra Repayment Calculator Work?

An extra repayment calculator estimates potential interest savings and reduction in loan term when additional payments are made. Once the loan details are entered, users can specify the extra amount they plan to contribute with each payment and choose when these extra repayments will start. The calculator then adjusts the repayment schedule and calculates the reduced loan term and interest savings. For example, in a scenario where a borrower with a $400,000 loan at 5.50% interest makes an extra $100 payment a month starting after five years, the total interest saved could be over $30,000, and the loan could be paid off more than two years earlier. Hence, even a small monthly overpayment can lead to substantial interest savings over time.​

If you need a home loan, please call us on 1300 889 743 or fill in our online enquiry form today.

More mortgage calculators

You can access a range of mortgage calculators on our website which will help you to work out your borrowing capacity and the cost of your mortgage. If you wish to speak to an expert mortgage broker, please call us on 1300 889 743 or enquire online and we can let you know which lenders can approve you.