Extra Repayment Calculator

Extra Repayment Calculator
What are extra repayments on a mortgage? Extra repayments on a mortgage are any payments you make on top of the minimum regular repayment amount that is listed on your home loan contract. Depending on the loan, you may be able to increase your regular repayment so you’re simply paying off a bit extra each repayment, or as lump sum repayments whenever you have extra income, such has when you get your tax return. Our extra repayment calculator shows you that by boosting your regular payments, you could potentially save on both the interest payable portion of your loan and decrease the time remaining of your loan. If you enter your current loan details, or proposed loan details if you don’t already have a mortgage, you can calculate multiple different loan scenarios. You can also nominate when you will start your increased repayment, to take account of future pay rises or reduced expenses down the track.
Depending on your type of loan however, extra repayments may not be allowed or can be restricted. This is the case with most fixed rate loan products, where there may be penalties if you make payments beyond what is agreed to in your contract. It’s a good idea to check what’s allowed on your particular home loan before you commit to making extra repayments. Also consider whether your loan gives you the option of being able to withdraw any extra repayments you have made if you end up needing that money in the future. This can be done via a redraw facility, if your loan comes with that feature. Please note, this calculator only reflects the current interest rate you enter however and does not consider any rate rises or decreases that may incur in the future. If any rate changes were to occur, it is recommended to calculate a new scenario to reflect the current interest rate of your loan product. * The calculator below has been provided in good faith as a guidance tool only. Results are not financial advice, are a guide only, and are not a guaranteed outcome or quote. Borrowers should always discuss their individual situation with an Australian Credit Licensee or authorised Credit Representative.

Starting the Home Buying Process

01.
Save For A House Deposit Or Ask Family For Help
There are several ways to secure your new home, from actual cash savings to guarantor loans or family gifts. Get in touch with me for more details.
02.
Work Out What You Can Afford To Borrow
By entering your income and expenses into my calculators, you can determine your borrowing capacity and eligibility before you even begin your property search.
03.
Research The Market And Find Your Best Rate
As a financial broker, I have the ability to compare hundreds of loan products from over 20 accredited lenders, helping you find the best options that suit your needs.
04.
Start Searching For Your New Home
Now that you know your borrowing capacity and estimated repayments, you can confidently begin searching for your new home, fully aware of your price range.

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Credit License
TWB CO PTY LTD trading as The Wandering Broker Australian Credit Representative Number: 555660 ABN: 97 238 027 627 ACN: 673 504 008 Kelly Bowles, trading as The Wandering Broker, is authorised as a Australian Credit Representative to engage in credit activities on behalf of Vow Financial Pty Ltd ABN 55 138 789 161 (Australian Credit Licence Number 390261).