Property & Home Loans
Extra Repayment Calculator
See how much interest you save and how many years you cut off your mortgage by making extra monthly repayments.
Your current outstanding loan balance
The additional amount you want to pay each month on top of the minimum
Our pick
Buying a Property for Dummies (AU Edition)
First home buyers who research before they apply get better outcomes.
We independently recommend products. We may earn a commission at no extra cost to you.
Before you start the application process, the Australia's Home Buying Guide ($25.20, 4.4★ from 16 reviews) is worth a look. Affiliate link
FAQ
Frequently asked questions
How much does $500 extra per month save on a $500,000 mortgage?
On a $500,000 loan at 6.5% over 30 years, paying an extra $500 per month saves approximately $170,000 in interest and cuts about 9 years off the loan term.
Is there a limit to how much extra I can repay?
On variable rate loans, you can typically make unlimited extra repayments. On fixed rate loans, most lenders cap extra repayments at $10,000–$20,000 per year during the fixed period. Check your loan terms.
What is the effect of making extra repayments early in the loan?
Extra repayments are most powerful early in a loan when the outstanding balance (and therefore the interest component) is highest. Every dollar of extra principal reduction saves interest compounding over the remaining years.
Can I use an offset account instead of extra repayments?
Yes. An offset account achieves the same interest-saving effect — money in the offset reduces the balance on which interest is calculated. Some borrowers prefer offset accounts for flexibility (the money is accessible). Check whether your loan has a free offset account.
Related
Related calculators
Lump Sum Payment Calculator
Find out how much interest you save and how much sooner your mortgage ends when you make a one-off lump sum payment.
Open calculatorFortnightly Payment Calculator
Calculate how much interest and time you save by switching from monthly to fortnightly mortgage repayments.
Open calculatorMortgage Payoff Timeline Calculator
Find out exactly when your mortgage will be paid off based on your current balance, interest rate, and monthly repayment amount.
Open calculatorMortgage Repayment Calculator
Calculate your home loan repayments, total interest payable, and amortisation schedule.
Open calculatorLearn
Related articles & guides
Stamp Duty By State: How Every Australian State Compares
Stamp duty varies wildly across Australia — buying the same $700,000 home can cost you $12,000 more depending on which state you buy in. Here's a plain-English breakdown of every state's rates, thresholds, and concessions for 2026.
Read moreThe Real Cost of Buying Your First Home in Australia (Beyond the Deposit)
Your deposit gets all the attention, but first home buyers are routinely blindsided by the other costs — stamp duty, legal fees, building inspections, mortgage insurance, and moving expenses. Here's the full list so you don't get caught short.
Read moreHow Much Can I Borrow? What Banks Actually Look At in 2026
The number your bank will lend you isn't just about your income. It's a formula built from income, debts, expenses, number of dependants, interest rate buffers, and the type of loan. Here's exactly how borrowing power is calculated — and how to improve yours.
Read moreLVR and LMI Explained: What They Mean and How to Avoid Paying LMI
LVR and LMI are two of the most consequential terms in home lending — and they're directly linked. Understanding how they work together could save you $15,000 or more on your next purchase.
Read more