Use the extra repayments calculator to estimate how much quicker you will pay off your home loan by making extra repayments. The mortgage extra repayments calculator also estimates how much you will save in interest if you make extra repayments on your home loan.

 

How does the extra repayments calculator work?

The extra repayments calculator estimates how much time and money you can save on your home loan by making extra repayments. Adjust the extra repayment amount and when it will be paid to calculate how much you could save.

Benefits of extra payments on your home loan

Home loan interest is calculated based on the remaining balance of the loan. If you make additional repayments on top of your regular payments it will bring down interest payable on your mortgage. This reduces the length of the loan and potentially saves you thousands of dollars over the loan term.

The calculator does not factor in interest rate changes which will also affect how your loan repayments and interest is calculated. You should also check that your home loan or home loan you are considering allows for extra repayments to be made.

This article is general in nature and does not constitute personal advice. Consider the Target Market Determination to see if this product is right for you. Seek professional financial advice to determine what best suits you.