Extra Repayments Calculator
Paying a little more each month, putting a bonus on the loan or keeping savings in an offset account can take years off a home loan. Enter your own figures to see how much interest you could save and how much sooner you could own your home outright.
Using the extra repayments calculator
Enter your loan balance, interest rate and remaining term.
Add a regular extra repayment, a one-off lump sum, or both.
Add an offset balance if you have one; it reduces the balance that interest is charged on.
Compare the time and interest you could save against your current repayments.
What it doesn’t include
Fees, break costs or limits a lender may place on extra repayments, especially on fixed-rate loans.
Changes to your interest rate over the life of the loan.
Tax considerations, for example on an investment loan.
Whether redraw or an offset account is available on your loan.
Questions people ask
Is an offset account better than extra repayments?
Both reduce the interest you pay. Money in an offset stays available to you, while extra repayments go into the loan and may only be accessible through redraw, if your loan has it. Which suits you depends on how you use the money and your loan's features.
Can I make extra repayments on a fixed-rate loan?
Many fixed-rate loans cap extra repayments or charge a fee above a limit. Check your loan terms or ask your lender before paying more than the allowed amount.
Do extra repayments lower my required repayment?
Usually not. Most lenders keep the required repayment the same and the loan finishes earlier. Some will recalculate the repayment on request.
Why might my lender's figures differ from this one?
Lenders calculate interest daily and charge it monthly, and may apply fees or rate changes. This calculator uses a simplified monthly model, so treat the results as a guide.
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General information only. It does not take your objectives, financial situation or needs into account.
WOULD YOU RATHER TALK NOW?
The calculator is not an application, and nothing is lodged with a lender or checked on your credit file. If you would like a loan with a full offset, a sharper rate or more room for extra repayments, start an enquiry and Christian will contact you the same business day.