Extra Repayments Calculator

See how much interest you can save — and how much sooner you could be debt-free — by paying a little extra each period

→ Mortgage Calculator→ Borrowing Power Calculator

Loan Details

$
%

6.5% is a placeholder starting point, not a current rate quote — enter your own rate or your lender's advertised rate for an accurate estimate.

years
$

Added on top of your standard monthly repayment of $3,160

Your Savings

Total Interest Saved
$117,720
Mortgage-free 4y 8mo sooner
New Monthly Repayment
$3,360
New Payoff Date
Dec 2051
Without Extra
With Extra
Total Interest$637,722$520,003
Loan Term30.0y25.3y

Important Notice

This Extra Repayments Calculator provides estimates only. It is not intended to be relied on for the purpose of making a decision about a particular financial product.

We recommend you obtain financial advice from an Australian Financial Services (AFS) licensee before making any financial decisions. The results do not take into account your personal circumstances, financial situation, or objectives.

This calculator uses the following assumptions. These assumptions are reasonable for providing general estimates but may not reflect your specific situation:

  • •Interest is calculated using a standard amortisation formula
  • •The interest rate remains constant for the entire loan term (fixed rate assumption)
  • •The extra payment amount is applied consistently every period without variation
  • •Weekly repayments are calculated as 52 payments per year, fortnightly as 26 payments per year
  • •No fees, charges, or additional costs (such as establishment fees, ongoing fees, or lender's mortgage insurance) are included
  • •The loan is a principal and interest loan (not interest-only)
  • •Calculations do not account for potential interest rate changes, offset accounts, redraw facilities, or repayment redraw restrictions your lender may impose

This calculator is provided for informational and educational purposes only. Always verify calculations with relevant professionals and official sources.

Loan Balance Over Time

The shaded area shows the extra equity you build — and the interest you avoid — by paying $200 extra each month.

Without extra payments
With extra payments
$0$125k$250k$375k$500kYr 0Yr 5Yr 10Yr 15Yr 20Yr 25Yr 30

How Extra Repayments Save You Money

Every extra dollar you pay off your mortgage goes straight to reducing your principal balance, which means less of your loan is accruing interest going forward. Because interest on most Australian home loans is calculated daily on the outstanding balance, even small, regular extra payments compound into large interest savings over the life of the loan.

Less Interest

Extra repayments reduce your principal faster, so less interest accrues on the outstanding balance each period.

Shorter Loan Term

Paying down the principal faster means you reach a zero balance well before the original loan term ends.

Small Amounts Add Up

Even a modest weekly or monthly top-up compounds over decades into tens of thousands of dollars saved.