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Extra Repayments Calculator
Extra Repayment Calculator Australia
When it comes to home loans, a little extra can go a long way.
The interest on your home loan is calculated daily. So, depending on your loan amount and interest rate, even an additional $100 a month on top of your regular repayments over a 25-year period, for example, could potentially save you thousands of dollars in interest over the life of your loan. It could also see you paying off your mortgage ahead of schedule.
The results from this calculator provided by AFG are presented as an indication only and do not represent quotes or pre-qualifications for any product. Information such as interest rates quoted and default figures used in the assumptions are subject to change. This calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product and you should consider obtaining advice from a financial services licensee before making any financial decisions.
It might hardly seem worth the effort, but you’ll be slowly chipping away at the principal – and over time that can make a big difference.
Find out how much time and interest you could save on your home loan with iSelect’s Extra Repayments Calculator.
See if You Can Save Money by Using Extra Repayment Calculator
How to use the Extra Repayments Calculator
Simply enter the following details:
1. How much you have borrowed or are borrowing.
2. The interest rate on your loan.
3. The loan type – variable, fixed or introductory.
4. How often you make repayments – monthly, fortnightly or weekly.
5. The extra contributions you might make and when you will start making them.
How to read the results
The Extra Repayments Calculator shows both the principal outstanding at particular points in the loan’s life, and the amount outstanding if extra repayments were to be made.
The Extra Repayments Calculator also shows you the interest and time saved, as well as what your increased repayments will be. You can check out a yearly breakdown of the result, which shows the principal owing with no extra repayments, the principal owing with extra repayments, and the total cumulative interest saved, for each year of the loan.
Play around with different contribution amounts, and watch your savings soar.
Select ‘Assumptions’ to understand all of the assumptions built into the calculator.
iSelect powered by AFG does not compare all home loan lenders or products in the market. Some products may only be available from iSelect powered by AFG’s call centre. The availability of products may change from time to time. Not all products available from iSelect powered by AFG’s providers are compared due to commercial arrangements, your stated needs and circumstances. Not all products compared by iSelect powered by AFG will be available to all customers. Click here to iSelect powered by AFG’s range of lenders. Home loans products arranged by iSelect Mortgages Pty Ltd (ACN 148 217 181) powered by AFG, is an authorised credit representative of Australian Finance Group Limited (Australian Credit Licence Number 389087). Any advice provided in this email/article is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect powered by AFG’s advice or purchasing any product. iSelect receives commission for each product sold.