Extra Repayment Calculator

Find out exactly how much you can save in interest by making extra repayments towards your home loan.

Work out how much you can save on interest with our extra repayment calculator


Every extra repayment can go a long way. Rateseeker’s calculator shows the positive impact of making regular additional payments to your loan. This calculator is beneficial for borrowers who want to get ahead of their mortgage. The tool works out how many years you cut off from your debt by entering your loan and payment details such as loan amount, interest rate, loan term, and repayment frequency. And on the second section of the extra repayment mortgage calculator, enter your extra contribution per payment and when you want to start putting in the extra money.


The repayment calculator will also provide the amount you save on interests with extra repayments you make each month, fortnight or week. There are home loans that allow unlimited amounts of extra repayments, but some lenders have limitations or charge fees for extra contributions. It’s best to check with your mortgage specialist or lender before making any transfers or deposits.


Even with just an extra $100 payment per month, borrowers on a $400,000, 30-year home loan at 3% interest can get out of debt 24 months earlier. And with more extra cash you put towards your loan, the sooner you become debt-free. Use our mortgage repayment calculator to know how much money and time you can save on your home loan.


Australia’s favourite home loan extra repayment calculator


Thinking of buying a home or paying off an existing home loan faster? Rateseeker provides borrowers with an easy-to-use calculator to help them compare different extra repayment scenarios. With popular Rateseeker tools such as the mortgage extra repayment calculator, rent vs buy calculator, interest-mortgage calculator and more, Australian borrowers can easily compare home loans and payment structures, helping them gain confidence in home financing decisions.


If you have run some figures on the calculator and would like more information, ask our mortgage specialist. We give expert guidance to help you decide if extra repayments are right for you.


Rateseeker has more than 30 years of collective experience helping Australians find the right home loan to purchase their dream home. If you’re a first-time buyer or looking to move to a new home or refinance a current home loan, we can help you find the best mortgage deal to suit your needs. Fill out the form below to get in touch with our expert advisors, and we’ll get back to you within 24 hours.


FAQs about this Calculator

  • How do extra repayments to your home loan work?

    Any extra repayments you make is the amount above the minimum loan repayment set by your lender. This extra repayment goes toward the principal of the loan rather than the interest.

  • How to use the extra home loan payments calculator?

    Using the extra repayments calculator requires you to input details about your existing home loan. Here’s the information you’ll need:

    • Loan amount
      This refers to the outstanding loan balance that you need pay off.

    • Interest rate
      This is the interest rate that you are currently paying which can be fixed or variable.

    • Loan Terms
      This is referring to the amount of time you have to repay the loan with usual loan term ranging from 25 to 30 years

    • Repayment frequency
      Referring if your payments are weekly, fortnightly, or monthly.

    • Extra amount
      This is how much you wish to pay in addition to your regular repayments on your home loan and living expenses.

    • Starts after date
      This indicates when you want to start making your first extra payments.

    While you think making one or two additional payments doesn’t amount to much, if you keep doing this on an ongoing basis, the benefits will compound and become more noticeable. This is because interest is calculated daily so the more additional repayment you make, the less interest you pay in the long term. What this also mean is that the sooner you start making extra payments, the more savings you have in the long term.

  • What are your options?

    There are three options for making extra repayments which can be effective in paying off your home loan sooner.

    Switching the frequency of your repayment
    By switching your repayment to higher repayment frequency like a fortnightly, you are making more repayments in a year in comparison to monthly because you end up paying the equivalent of 13 monthly instalments and not 12. That’s an extra month’s repayment you may not even notice.

    Making a lump sum payment
    Another strategy is to make one-off lump sum payments when you have some extra money, such as your tax return, a work bonus or an inheritance.

    Pay a little extra each month
    If you can afford to, paying a little more on an ongoing basis can make a big difference over the term of the loan. This calculator will show you the benefit of making regular additional payments to your loan. 

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