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See exactly how much extra repayments save you

Enter your loan details and an extra repayment amount. Instantly see how many years you cut off and how much interest you avoid paying.

Your current loan
$
%
years
Extra repayment
$
Even a small extra amount makes a big difference over time
Your results
Time saved
—
Off your loan term
Interest saved
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Total saving
New payoff date
—
vs original
Total repayment
—
With extra payments
Enter your details to see your savings
Adjust the extra repayment amount above to see how it changes your outcome.
ScenarioTermTotal interest
Minimum repayments——
With extra repayments——
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4 proven ways to pay off your loan faster

Even modest changes to your repayment strategy can shave years off your loan and save tens of thousands in interest.

01
Switch to fortnightly repayments
Paying fortnightly instead of monthly means you make 26 half-payments per year — equivalent to 13 monthly payments instead of 12. One extra full payment every year, automatically.
02
Round up your repayment
If your minimum repayment is $1,847, round it up to $2,000. The extra $153 goes straight to principal and costs you almost nothing day-to-day.
03
Put windfalls straight on the loan
Tax refunds, bonuses, and inheritance paid directly onto your principal can save dramatically more in interest than they would earn in a savings account.
04
Keep repayments high when rates drop
When interest rates fall, keep paying the same amount. The extra now goes to principal rather than interest — one of the most powerful ways to accelerate payoff.

How much does an extra $100 per month actually save?

On a $500,000 mortgage at 6.5% over 25 years, an extra $100 per month saves approximately $47,000 in interest and cuts about 2.5 years off the loan. An extra $500/month saves over $160,000 and cuts nearly 8 years. The earlier you start making extra repayments, the greater the compounding effect.

Fortnightly vs monthly — is it really worth it?

Yes — switching from monthly to fortnightly repayments on a $500,000 mortgage at 6.5% typically saves around $50,000–$70,000 in interest over the life of the loan and cuts 2–3 years off the term. This is because you end up making the equivalent of one extra monthly payment per year, every year, for the entire loan term.

Does it matter where in the loan term you start?

Yes — extra repayments made early in the loan save far more than the same repayments made later. This is because interest is charged on the outstanding balance. Reducing the principal early means less interest compounds over time. That said, it's never too late — extra repayments made in the middle or later stages of a loan still produce meaningful savings.

Frequently asked questions

How does the extra repayment calculator work?
The calculator computes two amortisation schedules — one with your minimum repayment and one with your minimum plus the extra amount. It then compares total interest paid and time to payoff between the two scenarios.
Does my lender allow extra repayments?
Most variable rate mortgages and personal loans allow unlimited extra repayments. Fixed rate mortgages often have a cap — commonly $10,000–$20,000 per year in extra repayments before break fees apply. Check your loan agreement or contact your lender to confirm.
Is it better to make extra repayments or put money in a savings account?
In most cases, paying down a mortgage or personal loan saves more than a savings account earns, because loan interest rates are typically higher than savings rates. However, if you have a mortgage offset account or redraw facility, you may get similar benefits while keeping the funds accessible.
What is an offset account and does it help?
An offset account is a savings account linked to your mortgage. The balance in the offset account reduces the principal on which interest is calculated. Keeping savings in an offset account has the same mathematical effect as making extra repayments, but the funds remain accessible.
Why does fortnightly repayment save so much?
Fortnightly repayments result in 26 payments per year. If each fortnightly payment is half your monthly amount, that's equivalent to 13 monthly payments instead of 12 — one extra full repayment per year. Over a 25-year mortgage that adds up to over 2 full years of extra repayments.
Does this calculator work for any currency?
Yes — the maths is identical regardless of currency. The calculator uses a dollar sign by default but the calculations work for NZD, AUD, USD, GBP, EUR or any other currency. Just enter your figures in your local currency.