Extra Repayments Calculator
Pay off your mortgage faster
A Rovo broker can help you find a loan that allows unlimited extra repayments — free & obligation-free.
This calculator provides estimates only. Some loans restrict extra repayments (particularly fixed rate loans). Rovo Finance (NJ IT PTY LTD ABN 67 654 854 378) CCR 570633 of Broker ACL Pty Ltd ACN 681 761 375 (ACL 563763).
Extra repayments calculator, see how fast you can pay off your mortgage
Making extra repayments on your home loan is one of the most powerful wealth-building strategies available to Australian homeowners. Even small additional amounts, made consistently, can save tens of thousands in interest and cut years off your loan term. Use the calculator above to see the exact impact of your extra repayments, monthly, fortnightly, weekly, or as a lump sum.
How much difference do extra repayments make?
On a $500,000 loan at 6.25% over 25 years, your regular monthly repayment is $3,268. Here’s what different extra repayment amounts achieve:
| Extra / month | Interest saved | Years saved | New payoff |
|---|---|---|---|
| $200 | ≈ $32,000 | ≈ 2.5 yrs | 22.5 years |
| $500 | ≈ $68,000 | ≈ 5.5 yrs | 19.5 years |
| $1,000 | ≈ $112,000 | ≈ 9 yrs | 16 years |
| $2,000 | ≈ $157,000 | ≈ 13 yrs | 12 years |
Fortnightly vs monthly repayments, the trick that works
One of the simplest extra repayment strategies is switching from monthly to fortnightly repayments. There are 26 fortnights in a year but only 12 months, so by paying half your monthly repayment every two weeks, you end up making the equivalent of 13 monthly repayments per year instead of 12. On a $500,000 loan at 6.25%, this alone saves approximately $45,000 in interest and cuts 3–4 years off the loan.
Note: to get this benefit, your repayments must be set to exactly half your monthly amount, not a “fortnightly equivalent” that your lender calculates. A Rovo Finance broker can help you set this up correctly.
Your next step starts here
FAQs
Most fixed rate loans cap extra repayments at around $10,000–$20,000 per year. Exceeding this can trigger break costs. Variable loans usually allow unlimited extra repayments. If you want to pay extra regularly, a variable or split loan is usually better. Always check your loan terms before making large additional payments.
Both options save the same amount of interest. The difference is flexibility. Extra repayments permanently reduce your loan balance unless you have redraw. Offset funds remain fully accessible. For investors, offsets are usually better because they preserve the deductible loan balance. Our calculator lets you compare both strategies.
Extra repayments reduce your loan balance, meaning you need less to pay out the loan at settlement, increasing your net proceeds. If your loan has redraw, you may be able to access the extra repayments before settlement. Always confirm redraw rules with your lender.
Usually no — at least not before paying down your owner‑occupier loan. Investment loan interest is tax‑deductible, reducing its effective cost. Home loan interest is not deductible. A common strategy is to focus extra repayments on your home loan first, then accelerate investment loan repayments later.