Extra repayments calculator
How much time and interest a little extra each month actually takes off your loan. The effect is larger than most people expect, particularly in the early years.
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If it isn’t working, call0493 348 998and we’ll run the numbers with you — which is a better answer anyway, because we can use your actual situation.
Interest saved
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- Time taken off the loan
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- Required repayment
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- Interest without extra
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- Interest with extra
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On “switch to fortnightly and save years”: the frequency itself does almost nothing. The saving comes from payinghalf your monthly repayment every fortnight — that’s 26 half-payments, or thirteen months of repayments a year instead of twelve. It works, but it works because you’re paying more, not because of the timing.
Where the two loans part company
The gap between the lines is the effect of the extra. It widens for years before it starts to look dramatic, which is why extra repayments made early are worth so much more than the same amount made later.
A calculator can only tell you so much
These figures use general assumptions. What you can actually borrow depends on which lender you go to and how they assess your income — and that varies more than most people expect.