Extra repayments calculator.
See how much interest and time you could save by paying a little extra on your home loan each month.
Extra repayments
See how much interest and time extra repayments could save.
Illustrative only. Assumes the rate stays the same for the whole term and extra repayments are made every month. Some fixed-rate loans cap extra repayments. Enter any rate to test scenarios; it is not a quoted rate.
Review my loanSmall amounts add up
Every extra dollar goes straight to reducing the balance, so you pay interest on a smaller amount from the next month onward. Over a long loan the effect compounds.
Enter your balance, rate, remaining term and a monthly extra amount to see the interest saved and how much sooner the loan could be paid off.
Extra repayments, offset or redraw?
Extra repayments, a redraw facility and an offset account all reduce the interest you pay. The difference is access and flexibility. Money in an offset account stays in a separate account you can use at any time; extra repayments sit in the loan and may be available through redraw. If the home could become an investment later, the difference matters for tax. See offset vs redraw.
Check your loan allows it
Most variable loans allow unlimited extra repayments. Fixed-rate loans often cap them, commonly at a set amount per year, and charge break costs above that. Check before you pay a lump sum. See break costs explained.
A sharper rate does the same job
If your rate is above what lenders offer new customers, refinancing and keeping your current repayment amount has the same effect as an extra repayment. Try the refinance savings calculator.
Common questions.
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