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
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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 $10,000โ$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 โ 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.
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