Calculators
Extra repayments calculator
A little more each repayment goes straight off the balance. See how much interest and how many years you could save, whether you start now or in a few years' time.
The loan
Extra repayments
On top of the minimum repayment.
Leave at 0 to start from the first repayment.
Interest you could save
$106,693
Paying an extra $200 every month clears the loan 3 yrs 11 mths sooner.
Time saved
3 yrs 11 mths
Loan paid off in
Instead of 30 yrs
26 yrs 1 mth
Minimum repayment per month
$3,597.30
With the extra $200
$3,797.30
Interest without extras
$695,029
Interest with extras
$588,336
Email me these resultsPlus a quick note on what a lender would actually do with them.
Balance owing: minimum versus extra repayments
- Minimum repayments
- With extra repayments
Under the bonnet
Assumptions & how we calculate
We show our working so you can judge the number, not just read it. Every lender applies its own policy on top of maths like this.
- The interest rate stays the same for the life of the loan and interest is calculated each repayment period.
- The minimum repayment is fixed at the start and doesn't change as extras are paid.
- The extra amount is paid every period from the start year until the loan is cleared, and is never redrawn.
- Fees and lender limits on extra repayments aren't included.
The information on this website is general in nature and does not take into account your personal objectives, financial situation or needs. Before acting on any information you should consider whether it is appropriate for you. Terms, conditions, fees, charges and normal lending criteria apply. Rates are subject to change.
FAQs
Questions people ask
Is it better to make extra repayments or use an offset account?
Financially they have a similar effect on interest. Extra repayments are locked into the loan (you'd need redraw to get them back), while an offset keeps the money accessible. The right choice depends on your plans, tax position and whether the property might become an investment.
Can I make extra repayments on a fixed-rate loan?
Usually only up to a limit, often $10,000–$30,000 a year depending on the lender. Going over can trigger break costs. Variable loans generally allow unlimited extra repayments.
Do extra repayments lower my minimum repayment?
Usually not. Most lenders keep the minimum the same and the loan simply finishes early. Some will recalculate the repayment if you ask.
Can I get extra repayments back later?
If your loan has a redraw facility, yes, though some lenders set minimum redraw amounts or fees, and can change access terms. Check before relying on it for emergencies.
Next step
Numbers looking good? Let's turn them into a pre-approval.
A calculator can't read a payslip or a lender's policy. Sachin can — book a free call and we'll check these numbers against 70+ lenders, then tell you what's actually possible.
Free, no obligation. General information only — not credit advice.