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Extra repayment calculator

Extra repayment calculator

When it comes to loans, the more you owe the more interest you’ll pay. Particularly with home loans, making extra voluntary payments can help you save money and own your home sooner – and it’s possible to get an insight into how it can work for you. Our Extra Repayment Calculator shows you how contributing a little more to each of your mortgage payments cuts down the time it takes to pay off the loan (also see our How long to repay calculator), and how much interest you’ll save in doing so. Simply plug in your loan amount, interest rate, term and payment frequency, and the graph will adjust to outline your situation if you were to continue on your current repayment schedule vs. making regular extra voluntary contributions each time. Even a relatively low amount on top of your normal payments can save not only several years, but also make a significant difference to your total interest. It certainly pays to be proactive! For a home loan, use our interest only mortgage calculator for a comparison between extra repayments vs lower payments, and how that affects the entire loan.

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