Calculators
Extra repayments calculator
See how much time and interest you could save by paying a little extra off your home loan, or putting in a lump sum.
This calculator gives an estimate only, based on the figures you enter and the assumptions described on this page. It isn’t financial, credit or tax advice and doesn’t take your circumstances into account. Talk to us before making a decision.
How it works
The calculator works out your normal monthly principal and interest repayment, then runs the loan month by month with your extra payment added and any lump sum taken off the balance up front. It assumes the interest rate stays the same for the whole loan, and interest is calculated monthly.
Before you pay extra
Check your loan allows extra repayments without fees, consider an offset account instead if you might need the money, and pay off higher-interest, non-deductible debt first. See paying down debt and types of home loans. If you’re paying a high rate, refinancing may save more.
Frequently asked questions
How much can extra repayments save?
Often more than people expect. On a 30-year loan, even a small extra amount each month reduces the balance earlier, so less interest is charged for the rest of the loan. Use the calculator with your own numbers to see the time and interest saved.
Is an offset account the same as making extra repayments?
It saves interest in the same way, because money in the offset reduces the balance interest is charged on. The difference is that offset money stays your savings, available at any time, while extra repayments go into the loan. If the property might become an investment later, offset usually keeps the tax position cleaner.
Can I make extra repayments on a fixed rate loan?
Usually only up to a limit set by the lender, often a few thousand dollars a year, without paying break costs. Variable loans generally allow unlimited extra repayments.
Ready to talk?
Book a free consultation of up to an hour, in the office or by video, or just call.