Home Loan vs Extra Repayment Calculator
See how making extra repayments could reduce your home loan interest and help you pay off your mortgage sooner.
Your Home Loan
What Your Extra Repayment Could Do
Compare Different Extra Repayments
See how different additional monthly repayments could affect your home loan.
| Extra Monthly | Total Payment | Payoff Time | Interest | Interest Saved |
|---|---|---|---|---|
| $0 | $0 | — | $0 | $0 |
| $100 | $0 | — | $0 | $0 |
| $250 | $0 | — | $0 | $0 |
| $500 | $0 | — | $0 | $0 |
| $1000 | $0 | — | $0 | $0 |
Home Loan Balance Comparison
Estimated remaining balance with and without extra repayments.
Extra Repayment Amortisation Schedule
Estimated monthly repayment, interest, principal and remaining balance.
| Month | Payment | Interest | Principal | Remaining Balance |
|---|
Extra Repayments vs Offset Account
If your Australian home loan has an offset account, keeping additional money in the offset may provide a similar interest benefit while keeping the funds accessible. Check your loan terms, offset conditions and fees before deciding between additional repayments and an offset account.
How Does the Home Loan vs Extra Repayment Calculator Work?
Enter your current home loan balance, interest rate, years remaining and current monthly repayment. Then enter the extra amount you are considering paying each month. The calculator compares your existing repayment strategy with the extra repayment strategy and estimates how much interest you could save and how much sooner you could become mortgage-free.
Does Paying Extra on a Home Loan Save Interest?
Making additional repayments can reduce your outstanding home loan balance. A lower balance can reduce the amount of interest charged over the remaining loan term. The benefit depends on your interest rate, remaining balance, remaining term and the amount of extra money you contribute.
Should I Make Extra Home Loan Repayments?
The decision depends on your circumstances. You may also want to consider your emergency savings, other debts, investments, tax considerations, loan conditions and whether your home loan provides an offset account or redraw facility. Use this calculator to compare the mathematical effect of additional repayments before making a decision.
Extra Repayments and Australian Home Loans
Australian home loans can have different repayment conditions, fixed or variable interest rates, offset accounts and redraw facilities. Check your lender's terms to understand whether additional repayments are allowed and whether fees or limits apply.
The Home Loan vs Extra Repayment Calculator Australia is a free tool that helps Australian homeowners estimate how making additional mortgage repayments could reduce their total interest and shorten their home loan term. Enter your current loan balance, interest rate, remaining loan term, current monthly repayment and the extra amount you are considering paying each month. The calculator compares your estimated payoff date, total interest and total repayments with and without extra repayments. You can also compare different additional payment amounts, such as $100, $250, $500 and $1,000 per month, and see how much interest and time could potentially be saved. Extra repayments can reduce the outstanding principal, which may reduce future interest and help you repay your mortgage sooner. Results are estimates only and actual outcomes can vary based on your lender, interest-rate changes, repayment frequency, fees, offset arrangements and loan conditions.