Extra loan payments calculator: Speed up your home loan repayments

What everybody ought to know about making extra home loan repayments.

Last updated:

Most of us wonder paying off a home loan sooner is worth it. Apart from being debt-free sooner and the benefits that comes with, paying just a little extra each month can lead to considerable savings in the form of interest.

The calculator below allows you to see the impact of making extra repayments on your loan. You can also read on for more information about how this works and tips to pay your home loan off even sooner.

Extra loan repayment calculator

Rates last updated December 9th, 2019
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
2.84%
2.84%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
2.99%
3.01%
$500 (waived for loans above $150,000)
$0 p.a.
80%
Online only cashback offer: Refinancers borrowing $250,000 or more can get a $4,000 cashback for their first application (Other terms, conditions and exclusions apply). Buyers and refinancers can get this competitive variable interest rate. Application fee waived for loans above $150,000.

3.03%
3.04%
$0
$0 p.a.
90%
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
2.88%
2.90%
$0
$0 p.a.
80%
Get one of the lowest variable interest rates on the market and pay 0 application or ongoing fees.
2.90%
2.92%
$0
$0 p.a.
80%
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments.
3.15%
3.56%
$0
$395 p.a.
80%
A low rate variable mortgage for home buyers. Comes with a 100% offset account and has no application fee.
2.88%
2.92%
$600
$10 monthly ($120 p.a.)
80%
A competitive variable rate for home buyers with a 20% deposit. This product has a 100% offset account.
2.99%
3.01%
$500 (waived for loans above $150,000)
$0 p.a.
80%
Online cashback offer: Refinancers borrowing $250,000 or more can get a $4,000 cashback for their first application (Other terms, conditions and exclusions apply). A low variable interest rate for home buyers and refinancers. Application fee waived for loans above $150,000.
2.98%
3.03%
$600
$0 p.a.
95%
Home buyers can get a competitive, low-fee variable rate plus a 100% offset account. Low deposit option available.
2.99%
3.01%
$500 (waived for loans above $150,000)
$0 p.a.
80%
Online only cashback offer: Refinancers borrowing $200,000 or more can get a $4,000 cashback for their first application (Other terms, conditions and exclusions apply). Buyers and refinancers can get this competitive variable interest rate. Application fee waived for loans above $150,000.
3.13%
3.19%
$449
$0 p.a.
90%
NSW and ACT customers only. You can get an interest rate discount for a limited time with this competitive variable mortgage.
2.79%
2.83%
$600
$10 monthly ($120 p.a.)
70%
A very low variable interest rate for home buyers with a 30% deposit. This product has a 100% offset account.
3.24%
4.14%
$600
$395 p.a.
95%
A package loan that offers discounts and a 100% offset account.
3.19%
3.22%
$600
$0 p.a.
90%
A competitive variable rate for PAYG home buyers. Available with a 10% deposit.
3.19%
3.21%
$0
$0 p.a.
80%
A competitive variable investor rate for borrowers with 20% deposits. Low fees, redraw facilities and repayment flexibility.
2.95%
2.99%
$500
$0 p.a.
95%
This mortgage combines a very sharp interest rate with a 100% offset account and it's available with a 5% deposit.
3.20%
3.22%
$0
$0 p.a.
90%
Save on interest with a free 100% offset account and buy your property with just a 10% deposit.
3.54%
4.44%
$600
$395 p.a.
95%
A package loan that offers discounts and a 100% offset account.
3.14%
3.28%
$0
$10 monthly ($120 p.a.)
80%
Get this loan with a 20% deposit and access a 100% offset account to save on interest.
2.99%
2.99%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule.
3.19%
3.63%
$0
$395 p.a.
80%
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
3.18%
3.32%
$0
$10 monthly ($120 p.a.)
80%
This flexible, competitive variable rate mortgage comes with a 100% offset account and redraw facility.
3.24%
3.24%
$0
$0 p.a.
95%
$2,000 cashback for eligible refinancers. This flexible, basic home loan offers a very low rate and you only need a 5% deposit.
3.38%
3.38%
$0
$0 p.a.
80%
A competitive discounted variable rate home loan. 0.33%p.a. Discount Offer for new Owner Occupier Loans.
3.74%
3.76%
$0
$10 monthly ($120 p.a.)
80%
A variable rate home loan with no application fees.

Compare up to 4 providers

Aussie Home Loans Logo

Start your home loan application with expert help from Aussie.

By submitting this form, you agree to the Finder Privacy and Cookies Policy and Terms of Use

Applications are subject to approval. Conditions, fees and charges apply. Please note that you need to be an Australian citizen or permanent resident to apply.

Credit services for Aussie Select, Aussie Activate and Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 (“Aussie”) and its appointed credit representatives, Australian Credit Licence 246786. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133 (“RMG”). RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. Credit for Aussie Activate products is provided by Pepper Finance Corporation Limited ACN 094 317 647 (“Pepper”). Pepper Group Limited ACN 094 317 665, Australian Credit Licence 286655 acts on behalf of Pepper. Credit services for Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 (“Aussie”) and its appointed credit representatives. Aussie is a trade mark of AHL Investments Pty Ltd ABN 27 105 265 861. Credit and any applicable offset accounts for Aussie Elevate are issued by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL / Australian Credit Licence 237879.

Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. ©2019 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786.

By submitting this form, you agree to the Aussie privacy policy.

An Aussie mortgage broker can find the right home loan for you.

  • FREE Suburb and Property Report with every appointment.
  • Access 3,000+ loans from over 20 lenders.
  • Get expert help with your loan application, including paperwork and eligibility.

Aussie Home Loans Lender Logos

The Adviser’s number 1 placed mortgage broker 7 years running (2013-2019)

While making one or two additional payments doesn’t amount to much, if you keep doing this on an ongoing basis the benefits become more noticeable. If not by much, the least you can do is round off your mortgage payments. For example, if you have to repay $640 each month for a $200,000 loan, consider rounding it off to $650 and if nothing else, this will at least remove four to five payments towards the end of your loan.

When you make extra payments make sure your lender applies it to the principal and does not save it for the next payment. In addition, make sure your lender allows you to make additional repayments, because some home loans attract prepayment penalties or have limits on the amount of additional payments you can make.

Using an extra home loan payments calculator gives you a good indication of how much you stand to save by making extra payments. One thing you’ll notice is that the sooner you start making extra payments, the greater the impact will be.


How to use the extra home loan payments calculator

Using the extra repayments calculator requires you to input details about your existing home loan. Here’s the information you’ll need:

  • Loan amount. This is not the original loan amount, but how much of the principal loan amount you still have to pay. If your loan was for $600,000 and you’ve already paid $200,000 towards the principal, enter $400,000.
  • Interest rate. This refers to the interest rate that your home loan attracts and it can be fixed or variable.
  • Loan term. This refers to length of time you have left on your home loan.
  • Repayment frequency. Mention if your payments are weekly, fortnightly, or monthly.
  • Extra amount. This is how much you wish to pay in addition to your regular repayments. In this case, the more you can pay the better.
  • Starts after date. This indicates when you want to start making extra payments. For example, if you've already had your home loan for five years and want to start making extra payments now, enter five.

After entering the required information the calculator automatically tells you the effect your extra payments will have on the life of your loan. Moving the mouse over the graph lines informs you of the impact on a year-to-year basis.

Case study

Elizabeth has paid $150,000 towards the principal of her $650,000 home loan with a 5.50% p.a. rate and she still has 20 years of the original 30 years to go before she can truly call her home her own. With a steady source of income, making additional payments isn’t much of a problem and luckily, the home loan she has allows her to make extra repayments without imposing any penalties.

Using the calculator, she works out that by increasing her monthly payment from $2,271.16 to $ 2,371.16- an increase of $100 - she can reduce the loan term by 17 months and save around $18,000 in interest.

She doesn’t stop there, though. She figures that rounding off her monthly payment is just as affordable and that’s exactly what she does. She now makes a monthly payment of $2,400, which is $128.84 more than her regular payment. She will now save 22 months off her loan term and more than $22,000 in interest.

Frequently asked questions about making extra payments on your mortgage

Would it help if I also change my monthly payments to fortnightly or weekly payments?

Yes. You will be making the same value of repayments each month, but as there’s an extra fortnight in the year you’ll be making an additional repayment every year. While it doesn’t seem like much, this does add up over the loan term.

If I make extra payments and need the money later on, is there any way I can access it?

Many home loans come with redraw facilities that allow you to do just this. They allow you to make extra repayments, and then access this extra money as and when required.

What if my lender imposes extra repayment penalties?

If this is the case, you might want to calculate to see which one is more profitable. If the penalties exceed the savings, there’s no point making extra payments.

If you think you can make extra repayments towards your home loan and if your lender allows it, doing so can be in your best interest. Not only do you stand to save money, you also pay off your loan sooner. Before making extra repayments, don’t forget to find out if you can do so without facing any penalties.

Compare home loans from across the market

Rates last updated December 9th, 2019
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
2.88%
2.90%
$0
$0 p.a.
80%
Get one of the lowest variable interest rates on the market and pay 0 application or ongoing fees.
2.99%
3.01%
$500 (waived for loans above $150,000)
$0 p.a.
80%
Online only cashback offer: Refinancers borrowing $250,000 or more can get a $4,000 cashback for their first application (Other terms, conditions and exclusions apply). Buyers and refinancers can get this competitive variable interest rate. Application fee waived for loans above $150,000.

2.84%
2.84%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
3.03%
3.04%
$0
$0 p.a.
90%
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
3.20%
3.22%
$0
$0 p.a.
90%
Save on interest with a free 100% offset account and buy your property with just a 10% deposit.

Compare up to 4 providers

Was this content helpful to you? No  Yes

Related Posts

Home Loan Offers

Important Information*
Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Online only cashback offer: Refinancers borrowing $250,000 or more can get a $4,000 cashback for their first application (Other terms, conditions and exclusions apply). Buyers and refinancers can get this competitive variable interest rate. Application fee waived for loans above $150,000.

Logo for UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

Take advantage of a low-fee mortgage with a special interest rate of just 2.84% p.a. and a 2.84% p.a. comparison rate.

Logo for ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR <= 80% (Owner Occupier, P&I)
ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR <= 80% (Owner Occupier, P&I)

Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)

Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site