Mortgages
Extra Mortgage Repayment Calculator
See how much interest and how many years you save by adding extra repayments to your Australian home loan each month, on top of the standard schedule.
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Your results
Standard repayment$2,997.75
Repayment including extra$3,197.75
Original payoff date04/08/2056
Accelerated payoff date04/02/2052
Total interest without extra$579,190.95
Total interest with extra$476,046.06
Time saved4 yr 6 mo
Interest saved$103,144.89
Calculation breakdown
- Standard repayment
- Payment($500,000.00, 6%, 30 yrs) = $2,997.75 per period
- Interest saved
- $579,190.95 (no extra) − $476,046.06 (with $200.00 extra) = $103,144.89
Assumptions
- Interest rate is assumed constant over the life of the loan.
- Extra repayments are applied every period from today and reduce principal directly.
- No offset account, redraw fees or rate changes are factored in.
- Repayment frequency is converted to periods per year (52/26/12) for calculations.
How this calculator works
This calculator amortises your loan twice — once at the standard repayment and once with your extra amount added — then compares payoff time and total interest so you can see exactly what an extra $100 a month is worth.
Frequently asked questions
Can I make extra repayments on a fixed loan?
Often only up to an annual cap, and break costs can apply. Variable loans usually allow unlimited extra repayments.
Extra repayments or offset?
Financially they are similar, but offset money stays accessible while extra repayments may need redraw.
Does the bank reduce my repayment automatically?
Usually not. Keeping the repayment the same is what shortens the loan term.
Results are estimates only and are not financial, tax, legal or credit advice.
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