Home loan repayments

Extra Repayment Calculator

Add a regular extra amount to your repayment and see how much sooner the loan is paid off and how much interest you keep.

Cost: Free
Your figures: Stay in your browser
Method: Set out below

Loan amount

Interest rate

% p.a.

Loan term

years

Repayment frequency

Extra amount

$a month

Paid on top of every scheduled repayment.

Extra payments start after

years

0 starts them with the first repayment.

Interest saved

$106,693

The loan is paid off 3 years 11 months sooner.

Minimum monthly repayment: $3,597.30
Monthly repayment with the extra: $3,797.30
New loan term: 26 years 1 month
Total interest with the extra: $588,336
Total interest without it: $695,029

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Estimate only, based on the figures entered and the assumptions listed below. It is not a quote, an offer of credit or personal advice.

Loan balance over time

What you would still owe at the end of each year, with the minimum repayments and with the extra on top.

Minimum repayments
With extra repayments

Show the figures as a table

Loan balance at the end of each year, with minimum repayments and with extra repayments
Point	Minimum repayments	With extra repayments
Start	$600,000	$600,000
End of year 1	$592,632	$590,165
End of year 2	$584,809	$579,723
End of year 3	$576,504	$568,637
End of year 4	$567,687	$556,868
End of year 5	$558,326	$544,372
End of year 6	$548,388	$531,106
End of year 7	$537,836	$517,022
End of year 8	$526,634	$502,068
End of year 9	$514,741	$486,193
End of year 10	$502,114	$469,338
End of year 11	$488,709	$451,444
End of year 12	$474,477	$432,447
End of year 13	$459,367	$412,277
End of year 14	$443,325	$390,864
End of year 15	$426,293	$368,129
End of year 16	$408,211	$343,993
End of year 17	$389,014	$318,368
End of year 18	$368,633	$291,162
End of year 19	$346,994	$262,278
End of year 20	$324,022	$231,613
End of year 21	$299,632	$199,057
End of year 22	$273,738	$164,492
End of year 23	$246,246	$127,796
End of year 24	$217,060	$88,836
End of year 25	$186,073	$47,474
End of year 26	$153,174	$3,560
End of year 27	$118,247	$0
End of year 28	$81,165
End of year 29	$41,797
End of year 30	$0

How this calculator works

Every extra dollar goes straight to the principal, so less interest is charged from then on. Small regular amounts compound into years taken off the loan.

Set when the extra payments start to model a pay rise, the end of childcare costs or the day a fixed rate ends.

Assumptions

The interest rate stays the same for the whole term.
Interest is charged at the repayment frequency: the annual rate divided by 12, 26 or 52 each period. A year is taken as 52 weeks or 26 fortnights.
Repayments are principal and interest, made at the end of each period.
The extra amount is paid with every scheduled repayment from the start date until the loan is cleared.
The scheduled repayment does not change, so the loan finishes early instead.
Fixed rate loans often cap extra repayments. Check your loan terms before relying on the saving.

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