Are you earning a little extra money, but don’t know what to do with it? You could use it to pay off a home loan quicker. By using our extra repayment calculator, you can determine how much extra money you want to pay on top of your minimum repayment fee and see how much you can save on both interest fees and time.
No matter what type of loan you are currently paying off, the extra repayment calculator can help you plan for your future expenses. For a guide on how much extra you can add to your repayment, be sure to check out our Budget Planner as well.
Please keep in mind that your lender may charge you additional fees/surcharges if you exceed an allowed annual limit for additional repayments. This is especially common with mortgages.
The Extra Repayment Calculator can help anyone with a significant loan spanning one year or longer. This powerful tool is especially helpful when gauging how much time and money you could save on a home loan, as these loans have the longest terms and the most accumulated interest.
For example, with a home loan of $400,000, an extra repayment of just $100 per month can save you two years and $30,660.09 on a 30-year loan term. This type of money can help you buy a nice car or a well-deserved, globe-trotting holiday – and it could only cost you an extra $25 per week.
Our Extra Repayment Calculator is also handy if you decide to rent out your house. You could add your tenants’ rental payments on top of what you are already repaying. Similarly, if a partner moves into your home, their money contribution can act as an extra repayment as well.
No matter your situation, there are many creative ways you can use the Extra Repayment Calculator to save money and shave time off the life of your home loan.
For a copy of your calculation, click Print – Destination – Change… – Save as PDF
There are multiple ways you can save on a home loan. One of them is switching to a new loan on a better rate. We make it easy to do this with our home loan comparison service.
Whether you’re looking to buy a home or simply determine how much money you will have after tax and expenses, Compare the Market offers a variety of online calculators to help you manage your finances – and best of all, they’re all free to use. You may choose from our following online calculators:
Calculations are provided by VisionAbacus Pty Ltd ACN 140 627 765 (VisionAbacus). Whilst every care is taken to ensure the accuracy of the information as a guide for costing, no responsibility is accepted by VisionAbacus for its accuracy. Please check with a mortgage broker, accountant, financial advisor or other suitably qualified professional for an accurate estimate. Compare the Market Pty Ltd takes no responsibility for the calculations or information provided on this website by VisionAbacus nor any liability for the accuracy of or reliance upon or use of such calculations or information. Before deciding to purchase any product you should calculate the actual costs (as the calculators contain general information only and may not suit your particular circumstances) and read the relevant product terms and conditions. Calculations are not an offer of credit and don’t include any applicable fees.