 Extra repayments calculatorhttps://ratepool.com.au/calculators/extra-repayments Explore another scenario |
Extra repayments calculatorhttps://ratepool.com.au/calculators/extra-repayments Explore another scenario |
See how regular extra repayments or a lump sum could reduce your interest and bring your final repayment closer.
The starting figures are an example. Repayments are monthly. Your extra repayments can follow a different frequency.
$80,051.37estimated interest saved
3 years 8 monthsestimated time saved
Check your loan terms first. Fixed loans may limit extra repayments, and access to money already paid depends on the lender’s redraw rules.
Source: Ratepool calculation from your inputs. Monthly principal and interest; fees excluded. Annual figures and assumptions below.
An illustration, not a lender quote. The final repayment may differ.
Scroll the table sideways to see both balances and interest amounts.
| Year | Balance: without extras | Balance: with extra repayments | Interest: without extras | Interest: with extra repayments |
|---|---|---|---|---|
| 1 | $491,099.77 | $488,015.88 | $29,757.89 | $29,674.00 |
| 2 | $481,650.59 | $475,292.60 | $29,208.94 | $28,934.84 |
| 3 | $471,618.61 | $461,784.58 | $28,626.14 | $28,150.10 |
| 4 | $460,967.87 | $447,443.42 | $28,007.39 | $27,316.95 |
| 5 | $449,660.23 | $432,217.72 | $27,350.47 | $26,432.42 |
| 6 | $437,655.15 | $416,052.93 | $26,653.04 | $25,493.33 |
| 7 | $424,909.62 | $398,891.14 | $25,912.59 | $24,496.33 |
| 8 | $411,377.98 | $380,670.84 | $25,126.48 | $23,437.82 |
| 9 | $397,011.73 | $361,326.76 | $24,291.88 | $22,314.04 |
| 10 | $381,759.41 | $340,789.58 | $23,405.80 | $21,120.94 |
| 11 | $365,566.36 | $318,985.70 | $22,465.07 | $19,854.25 |
| 12 | $348,374.56 | $295,837.02 | $21,466.32 | $18,509.43 |
| 13 | $330,122.40 | $271,260.57 | $20,405.96 | $17,081.67 |
| 14 | $310,744.49 | $245,168.30 | $19,280.21 | $15,565.85 |
| 15 | $290,171.39 | $217,466.71 | $18,085.02 | $13,956.54 |
| 16 | $268,329.39 | $188,056.56 | $16,816.12 | $12,247.96 |
| 17 | $245,140.22 | $156,832.44 | $15,468.95 | $10,434.01 |
| 18 | $220,520.80 | $123,682.50 | $14,038.69 | $8,508.17 |
| 19 | $194,382.90 | $88,487.94 | $12,520.22 | $6,463.56 |
| 20 | $166,632.87 | $51,122.65 | $10,908.09 | $4,292.83 |
| 21 | $137,171.29 | $11,452.75 | $9,196.53 | $1,988.23 |
| 22 | $105,892.57 | $0.00 | $7,379.41 | $126.29 |
| 23 | $72,684.66 | $0.00 | $5,450.20 | $0.00 |
| 24 | $37,428.55 | $0.00 | $3,402.01 | $0.00 |
| 25 | $0.00 | $0.00 | $1,227.49 | $0.00 |
Principal and interest, with monthly repayments at the end of each month. We divide the annual rate by 12 and compound monthly. Regular payments round to cents; the last payment clears the remaining debt. Displayed totals are rounded separately. Lenders often calculate interest daily and may use different payment dates or rounding.
The original scheduled repayment stays unchanged. Weekly and fortnightly extra amounts are converted to the same annual amount spread across 12 monthly loan periods. Regular extras begin after the delay you enter. A lump sum is paid today or just after the number of monthly repayments you enter, before the next month’s interest. It is capped at the balance still owed. Extra payments stop when the debt reaches zero.
Fees, taxes, future rate changes and other loan features are excluded. Interest savings are not net financial savings. At zero interest, paying sooner does not save interest. This tool does not assess affordability or eligibility.
Extra repayments can reduce the amount you owe sooner. Check your lender’s rules before paying more, particularly during a fixed-rate period. Repayment limits or early-repayment costs may change the benefit.
Moneysmart: paying off your mortgage fasterA repayment reduces the loan balance. Accessing that money later depends on the loan’s redraw rules. Allow for expenses and emergencies before deciding how much extra to pay.
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