Extra Repayment Calculator
See how extra monthly mortgage repayments could reduce your total interest and bring forward your home loan payoff date.
Example estimate
Estimated interest saved
$68,295
- Regular monthly repayment
- $4,065.81/mo
- Estimated time to pay off loan
- 22 years 5 months
- Time saved
- 2 years 7 months
- Interest with your changes
- $491,447
- Interest on the original loan
- $559,743
This estimate uses the figures shown. For financial product decisions, consider advice from a licensed financial services provider.
How this estimate works
The model adds a fixed extra amount to each monthly principal-and-interest payment from the first month. It holds the rate constant and assumes the lender applies each extra payment to principal without a fee. Check any repayment caps on your loan.
Example amounts illustrate the calculation. Replace them with your own figures or quotes.
What happens if I pay extra on my home loan?
An extra repayment reduces your outstanding principal. Future interest is calculated on that lower balance, which can reduce total interest and shorten the loan term when regular repayments stay the same.