Extra repayments calculator. How much sooner could you own it?
Adding $200 a month to a $600,000 loan at 6.16% over 30 years pays it off 3 years 11 months sooner and saves $111,441 in interest. Enter your balance, rate and years left, then try an extra amount, a lump sum, or both.
How much sooner could I own it?
I owe at % with years left, paid .
I’ll add extra each month, and a lump sum of today.
Loan fees, if any: .
6.16% is the average rate on new owner-occupier home loans, August 2026 (Reserve Bank of Australia).
This sheet works on principal and interest repayments.
26 years 1 month instead of 30 years.
Your repayment goes from $3,659 to $3,859 a month.
General information only, not financial advice, a credit assessment or an offer of finance. Results are estimates and assume the rate stays the same for the life of the loan. For formal advice on your situation, speak with your lender or financial institution.
Found the one? We’ll review the contract before you commit.
Notes to the sheet. In plain English.
Why small amounts add up
Every extra dollar comes straight off the balance, so less interest is charged from then on and more of each scheduled repayment goes to the loan itself. That’s why the saving grows faster than the extra you put in.
Lump sums
A lump sum works the same way, all at once. Paid early in the loan, a tax refund or a bonus has the biggest effect.
Check your loan first
Some fixed-rate loans limit extra repayments or charge for them. Variable loans usually allow them. If you have an offset account, money held there reduces the interest in a similar way.
Principal and interest only
The sheet works on principal and interest repayments. An interest-only loan doesn’t reduce the balance until it moves to principal and interest, so check the figures with your lender.
Estimates, not advice
General information only, not financial advice, a credit assessment or an offer of finance. The figures are estimates, and your lender’s figures are the ones that count.
Other calculators. Before you sign.
- RepaymentsWhat will my repayments be?
- Borrowing powerHow much could I borrow?
- Stamp duty, every stateWhat’s the duty on my purchase?
Stamp duty by state8 calculators