Extra Repayments Calculator
See how much time and interest extra repayments could save on a mortgage or loan.
How it works
The calculator first works out your standard repayment from the loan amount, rate and term, then re-runs the amortisation with your extra amount applied to the principal every period. The difference between the two is shown as time saved and interest saved — and how much your loan balance drops over time with the extra payments.
Worked example
A $500,000 loan at 6% p.a. over 30 years with an extra $300 a month:
- Standard repayment
- ≈ $2,998 per month
- With extra $300/month
- ≈ $3,298 per month
- Time saved
- ≈ 6 years sooner
- Interest saved
- ≈ $140,000 over the life of the loan
Frequently asked questions
Extra repayments come straight off the principal, so you stop paying interest on that amount for the rest of the loan. Made consistently, even a modest extra amount compounds into a large interest saving over a long loan term.