Pay a little extra. Knock years, and tens of thousands in interest, off your mortgage.
Free and live-updating. Set your loan, rate and term, then add an extra repayment and watch how much sooner you're mortgage-free and how much interest you never have to pay.
Why a small extra repayment does so much.
Early in a mortgage, most of each repayment is interest and only a sliver chips at the principal. Every extra dollar you put in goes straight at the principal, which shrinks the balance every future repayment is calculated on. That compounding is why $100 a fortnight can wipe years off a 30-year loan. The calculator simulates the loan repayment by repayment, with and without your extra, and compares the two.
A few things to know
- Fixed-rate loans usually limit extra repayments, often around 5% of the balance a year, or a set dollar cap, before a break cost applies. Floating portions and offset/revolving facilities are where extra payments are unrestricted.
- It assumes one rate held flat for the whole term. Real rates move at each re-fix, so treat the saving as the shape of the win, not a guarantee to the dollar.
- The same money in a revolving-credit or offset structure can do the same job while keeping the cash accessible. Which setup suits you is exactly the kind of thing worth a conversation.
Turn the saving into a plan
Structuring a loan so you can throw extra at it, without getting stung by fixed-rate limits, is one of the highest-value things a broker does. We'll map it out with you in a free initial chat.
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