Extra repayments calculator
See how much time and interest extra repayments could take off your home loan.
Enter your loan, your own rate and the extra amount you could pay each period.
Reviewed by Anita Callaghan, Director and Principal Broker of Anita Finance, Credit Representative 557021.
Last updated .
Enter your interest rate to see an estimate.
What the estimate tells you
The interest saved compares paying your loan on schedule with paying the extra amount every period.
The time saved shows how much sooner the loan could be cleared, if your rate stayed the same.
With a redraw facility, you may be able to access extra repayments later, depending on your loan terms. (Moneysmart)
To estimate your standard repayment first, try the mortgage repayment calculator.
General information only. This calculator gives an estimate based on the figures you enter.
It assumes your interest rate stays the same for the whole term, and it leaves out fees, charges and lenders mortgage insurance.
It isn't a quote, an offer of credit or an indication of what a lender will approve.
It doesn't take your objectives, financial situation or needs into account, and Anita can give you figures based on your own situation.
Extra repayment questions
How do extra repayments save interest?
Extra repayments go straight onto your loan balance, and interest is charged on a smaller amount from then on.
That's why even a modest extra amount each period can take years off a loan.
Can I make extra repayments on a fixed rate loan?
Many fixed rate loans limit how much extra you can repay each year, and going over the limit can mean a fee.
Check your loan terms, or ask Anita to look at them with you.
Can I get my extra repayments back if I need them?
A redraw facility gives you access to extra repayments you've made, depending on your loan terms.
An offset account is another way to keep savings working against your loan while they stay in your own account.
Is it better to make extra repayments or use an offset account?
Both reduce the interest you pay, and the right choice depends on your loan, your savings and how you like to access your money.
Anita can show you how each option works with your own loan.
Make your loan work harder.
Tell Anita about your current loan, and she'll come back to you with ways to pay it down sooner.
The first conversation usually takes about 20 minutes, and it gives you a clearer picture of your options.
Monday to Friday, and after hours when needed.