Maximise Your Savings with Our Extra Repayments Calculator

What Are Extra Repayments?

Extra repayments are additional payments made towards your home loan on top of your regular mortgage payments. These can be made at any time during the loan term and are directly applied to the principal amount owed.

By reducing the principal faster, you decrease the amount of interest calculated, potentially saving you significant money over the life of the loan.

Benefits of Making Extra Repayments:-

1. Pay Off Your Loan Faster: By increasing the amount you pay towards your mortgage, you can significantly reduce the loan term. This means becoming debt-free sooner than your original schedule.

2. Reduce Total Interest Paid: Extra repayments lower the principal amount faster, which reduces the total interest accrued over the life of the loan. This can translate into substantial financial savings, leaving you with more money in your pocket.

3. Increased Home Equity: Faster repayment increases your equity in the property, which can be beneficial if you decide to refinance, invest in more property, or need access to cash.

4. Flexible Financial Planning: Making extra payments gives you flexibility in managing your finances. Many loans allow you to redraw these extra payments if needed, offering a buffer in case of financial emergencies.

5. Peace of Mind: Reducing your mortgage balance quicker can provide peace of mind knowing that you are making progress towards full homeownership, reducing your debt burden, and building financial security.

How to Use Our Extra Repayments Calculator

Our Extra Repayments Calculator is designed to show you exactly how making additional payments can impact your mortgage. Simply enter your current loan details—loan amount, interest rate, loan term, and the frequency and amount of your intended extra payments. The calculator will then project how much sooner you could pay off your loan and how much you could save in interest payments.

Whether you’re considering making a one-off extra payment or planning to add a small amount regularly, our calculator can help you visualise the potential savings and faster debt reduction. Start exploring today to make informed decisions about managing your home loan effectively.

Take control of your mortgage now and see how a small change can make a big difference in your financial future!