Extra Mortgage Repayment Calculator
See how extra repayments can slash years off your mortgage and save you thousands in interest. Compare monthly extras, fortnightly payments, or lump sum contributions.
Your Loan Details
Extra Repayments
Quick Scenarios
Total Interest Saved
$225,192
Over the life of your loan
Time Saved
9 years, 2 months
Earlier payoff!
Original Term
30 years
New Term
20 years, 10 months
Payment Comparison
Total Interest Comparison
Loan Balance Over Time
Year-by-Year Comparison
| Year | Original Balance | New Balance | Interest Saved | Status |
|---|---|---|---|---|
| 1 | $494,411 | $488,229 | $7,506 | |
| 2 | $488,448 | $475,670 | $15,013 | |
| 3 | $482,086 | $462,270 | $22,519 | |
| 4 | $475,298 | $447,973 | $30,026 | |
| 5 | $468,055 | $432,718 | $37,532 | |
| 6 | $460,327 | $416,441 | $45,038 | |
| 7 | $452,081 | $399,075 | $52,545 | |
| 8 | $443,283 | $380,545 | $60,051 | |
| 9 | $433,896 | $360,774 | $67,558 | |
| 10 | $423,881 | $339,679 | $75,064 | |
| 11 | $413,194 | $317,171 | $82,570 | |
| 12 | $401,792 | $293,156 | $90,077 | |
| 13 | $389,626 | $267,533 | $97,583 | |
| 14 | $376,646 | $240,194 | $105,090 | |
| 15 | $362,796 | $211,023 | $112,596 | |
| 16 | $348,018 | $179,899 | $120,102 | |
| 17 | $332,251 | $146,691 | $127,609 | |
| 18 | $315,428 | $111,259 | $135,115 | |
| 19 | $297,478 | $73,453 | $142,622 | |
| 20 | $278,326 | $33,116 | $150,128 | |
| 21 | $257,892 | $0 | $157,634 | ✓ Paid Off |
| 22 | $236,089 | $0 | $165,141 | ✓ Paid Off |
| 23 | $212,826 | $0 | $172,647 | ✓ Paid Off |
| 24 | $188,004 | $0 | $180,154 | ✓ Paid Off |
| 25 | $161,521 | $0 | $187,660 | ✓ Paid Off |
| 26 | $133,264 | $0 | $195,166 | ✓ Paid Off |
| 27 | $103,114 | $0 | $202,673 | ✓ Paid Off |
| 28 | $70,945 | $0 | $210,179 | ✓ Paid Off |
| 29 | $36,622 | $0 | $217,686 | ✓ Paid Off |
| 30 | $0 | $0 | $225,192 | ✓ Paid Off |
The Power of Extra Repayments
$500,000 Loan @ 6.5%
30 Years
Standard term
+$500/month extra
20 Years
10 years saved!
Total Interest Saved
$157,000
Massive savings
Extra Payment Strategies
Monthly Extra
Add a fixed amount to your regular monthly payment. Even $100/month makes a big difference.
- ✓ Easy to budget
- ✓ Consistent progress
- ✓ Can adjust anytime
Fortnightly Payments
Pay half your monthly payment every two weeks. This equals 13 months of payments per year!
- ✓ Automatic extra month
- ✓ Aligns with pay cycles
- ✓ Less noticeable impact
Lump Sum
Use bonus, tax return, or inheritance to make a one-time payment. Great for kickstarting savings.
- ✓ Immediate impact
- ✓ Big interest savings
- ✓ One-time decision
Fixed Rate Extra Repayment Limits
Most Australian fixed rate loans have annual limits on extra repayments to avoid break costs:
| Lender | Annual Limit | Notes |
|---|---|---|
| CBA | $10,000/year | Per fixed loan account |
| Westpac | $30,000/year | Higher limit available |
| ANZ | $25,000/year | Some packages unlimited |
| NAB | $20,000/year | Standard fixed loans |
| Variable Loans | Unlimited | No restrictions |
* Limits may vary. Always check your loan contract.
Tips for Extra Repayments
- 1. Pay rises: When you get a raise, put 50% of the extra income into your mortgage
- 2. Tax returns: Direct your annual tax refund straight to your loan
- 3. Round up: Round your payment to the nearest $100 for automatic extras
- 4. Keep buffer: Maintain emergency savings before aggressive repayments
- 5. Offset account: Park your savings in offset for flexibility while saving interest
Extra Repayments vs Offset Account
Extra Repayments
- + Money is committed - harder to spend
- + Available on basic loans (no package fee)
- + Redraw available in emergencies
- - Reduces deductible debt (bad for IP)
- - Redraw may have fees/limits
Offset Account
- + Full access to funds anytime
- + Preserves deductible debt (great for IP)
- + Can use as transaction account
- - Annual package fee ($300-500)
- - Easy to dip into savings
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Budget Planning Guide
Create a budget that allows for extra repayments.