Extra repayment calculator
How much can extra repayments save you?
Adding even $100 a month can shave years off a 30-year Perth mortgage. Enter your loan and the extra amount to see the exact interest and time saved. It updates as you type.
Assumes fixed monthly extra repayment with no offset. Principal and interest schedule, monthly compounding. Indicative only. Not credit assistance. Confirm with a Central Lending Solutions broker.
Why this matters
What this calculator is actually telling you.
Every extra dollar you throw at a home loan hits the principal directly, which shrinks the interest the lender can charge every subsequent month. That compounds fast. Extra $200 a month on a $600,000 loan at 6.20% pays down 5-plus years earlier and saves you six figures over the loan life.
The higher your rate, the more powerful the extra becomes. Perth borrowers on rates above 6.5% see the biggest saving impact per dollar. If you are in a fixed period, check your capped extra allowance first, some fixed loans limit extras to $10,000 to $20,000 per year before break fees.
Questions
Frequently asked.
How much can extra repayments really save on a Perth mortgage?
On a $600,000 loan at 6.20% over 30 years, an extra $200 per month cuts around $102,000 in total interest and pays the loan off roughly 5 years earlier. The exact figure depends on your rate, balance and remaining term. Bigger extras compound faster because they attack the principal directly, shrinking the interest the lender charges every subsequent month.
Should I make extra repayments or use an offset account?
For most Perth borrowers on variable rates the interest impact is roughly the same either way, but an offset keeps the money accessible and can help with tax if the loan later becomes an investment. Extra repayments are cleaner for a strict payoff plan. If you are on a fixed rate check your loan terms first, some fixed loans cap extra repayments at $10,000 to $20,000 per year without a break fee.
Will my lender let me redraw the extra I paid?
Almost every Australian variable-rate home loan has a redraw facility. Money paid above the required repayment sits in redraw and can be pulled back when you need it. Rules and fees differ by lender. A broker can tell you exactly what redraw looks like on your loan before you commit the extra cash.
Does this calculator affect my credit score?
No. The calculator runs entirely in your browser. No data is submitted to any lender. Your credit file is untouched.
Where do I go to apply this to my own loan?
Call 0489 082 257 or send your details through. A Central Lending Solutions broker will run the extra repayment plan against your real balance and rate, and check whether it beats refinancing to a lower rate across 30+ lenders.
Want this applied to your real situation?
Talk to Harj.
No fee for most clients. A real conversation about your numbers and your options across 30+ lenders. Most clients hear back the same day.