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Extra repayments calculator — pay off your mortgage faster.

Even a modest extra amount each month can take years off a home loan. Enter your balance, interest rate, remaining term and how much extra you could add, and the calculator shows the interest you would save, how much sooner you would be debt-free and your new payoff date.

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How this calculator works.

  1. Your scheduled repayment is the normal principal & interest repayment on your balance over the remaining term.
  2. The calculator then runs the loan month by month with your extra amount added to every repayment. Each month interest is charged on the balance, and everything above that reduces the principal.
  3. The new payoff time is how many months it takes to reach zero. Interest saved is the interest at the scheduled repayment less the interest with the extra amount, and the payoff date counts forward from today.
  4. The extra amount is assumed to be paid every month, at a constant interest rate, for the life of the loan.

What it assumes

  • The starting scenario is a balance of $450,000 at 6.44% with 25 years left and $200 extra a month.
  • The interest rate is held constant. A variable rate will change the result.
  • Fees, fixed-rate limits on extra repayments and redraw rules are not modelled.
  • Assumptions last reviewed 25 September 2026.

Questions people ask.

How much can extra repayments save?

With the starting numbers, $200 extra a month on a balance of $450,000 at 6.44% with 25 years left saves about $72,943 in interest and clears the loan 3 years and 5 months sooner. The earlier you start, the more each dollar saves.

Is it better to make extra repayments or use an offset account?

Both reduce the balance you pay interest on. An extra repayment goes straight to the loan, and whether you can get it back depends on your loan’s redraw rules. An offset keeps your cash accessible while still cutting interest. The offset account calculator shows the effect of each.

Do all home loans allow extra repayments?

Most variable-rate loans do, often without a fee. Many fixed-rate loans limit how much extra you can pay each year and may charge if you go over, so check your loan contract before you commit to a larger amount.

Does paying fortnightly count as extra repayments?

It can. If you pay half your monthly repayment every fortnight, you make 26 half-payments a year, which equals 13 monthly payments. That one extra payment a year is what shortens the loan.

What is redraw?

Redraw lets you withdraw money you have paid ahead on your loan, subject to your lender’s rules and any limits or fees. Money sitting in redraw still reduces the balance you are charged interest on.

More calculators.

Extra Repayments Calculator — Pay Off Your Mortgage Faster | Siare