If I make extra repayments, will I get ahead of my loan and save interest?
Knowing what extra repayments will do to your home loan can show you how you can change how long you’re paying it off.
You’ll also find out how much you can expect to save in interest. Use this Extra Repayments Calculator to determine how you can change the duration of your home loan and the interest payable using extra repayments.
As you pay a bit more on your home loan, you can positively impact your loan over time. When you reduce how much you owe, you’re lessening how much interest is added onto your loan over time. For home loans that allow you to make additional repayments without being penalized, you’ll find extra repayments will benefit you throughout the life of your loan.
Depending on how much your home loan is for, you stand to save thousands of dollars in interest while lessening the amount of time you find yourself paying off your home loan. Regardless of if you have a fixed, variable, or introductory loan, you can use our Extra Repayments Calculator to find out how much you’ll save by making extra repayments.
All you have to do is enter your loan details, the extra amount you play to pay, and how long these payments will start after. Make sure your loan offers flexibility to make extra repayments if this is attractive to you.
By entering this information, you’ll find out how much time and interest you can expect to save by making these extra payments.