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Extra Repayments Calculator

Every mortgage, auto loan, student loan, or other debt is repaid in minimum monthly payments or installments. A pre-determined portion of this payment is applied to the interest owed on the loan, while the remainder is applied to the principal. The principal is the remaining balance owed on the loan. The interest is determined based on the rate charged by the lender to borrow the money.

Because the interest is calculated daily based on how much is owed on the principal, making extra payments on your loan can save you money in interest payments and reduce the number of payments you make over the life of the loan. This extra repayments calculator will help you determine the amount of money you will save by increasing the amount of your payment or changing the frequency of the payments. The extra repayment calculator will also reveal the amount of time saved by making bigger or more frequent payments.

To use the calculator, enter the loan amount, interest rate and loan term for your loan. Then select the repayment frequency. Monthly payments are the full amount paid once per month; fortnightly payments are half the payment made every two weeks, and weekly payments are one quarter of the payment made every week. Finally, select the extra contribution per payment (how much over the minimum payment are you going to pay?) and when you plan to begin making the extra contributions in your repayments.

The results on the right will illustrate your monthly repayment amount, your repayment amount with the extra contribution, and the time and interest saved by making extra or more frequent repayments.


Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan.

Money-Saving Tips:

  • You can save money on your loan by increasing the frequency of your payments. Best of all, making your payments more frequently doesn't cost any extra money!
  • Any extra contribution to your payment will make a difference. Try applying any financial windfalls you receive throughout the year to your loan to amortise the loan faster and save money.

Enquire Now – Just 4 questions to answer

  1. 1 Do you have a home loan? We can still assist even if you do not have a home loan.
  2. 2 Do you have unsecured debts of $7,000 or greater? Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.
  3. 3 Do you receive a regular income?
  4. 4 Have you been bankrupt in the last 13 years?
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Unfortunately, we are unable to assist you.

For further assistance we recommend you:

  • Speak to your Creditors
  • Call AFSA on 1300 364 795
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Unfortunately, we are unable to assist you at this time.

Please contact us for assistance once you have secured a regular income.

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Unfortunately, we are unable to assist you.

You need to have over $7,000 in unsecured debt to apply.
For further assistance we recommend you:

  • Speak to your Creditors
  • Call AFSA on 1300 364 795
  • Speak with a Financial Counsellor
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Australian residents only.

  1. Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.
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Australian residents only

FREE Phone Consultation

Australian residents only.

  1. Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.