Extra Mortgage Repayments Calculator
See interest saved and years cut off your mortgage with extra monthly payments.
Last reviewed by the myCalculator Editorial Team
Input Parameters
Calculation Results
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Formula & How Extra Mortgage Repayments Calculator Works
Extra repayments go straight to the principal, which reduces the interest charged on every later month. On a $500,000 loan at 6% over 30 years, the repayment is $2,998 a month and total interest is about $579,000. Adding $200 a month pays the loan off in about 25.4 years instead of 30 and cuts the interest to about $476,000, a saving of roughly $103,000. The earlier you start, the bigger the effect. Check that your loan allows extra repayments without a penalty, and whether an offset account or redraw would give you the same interest saving while keeping the cash accessible.
- Enter Current Loan Balance ($): Input your target parameter value.
- Enter Interest Rate (% p.a.): Input your target parameter value.
- Enter Remaining Loan Term (Years): Input your target parameter value.
- Enter Extra Monthly Repayment ($): Input your target parameter value.
- Apply Formula: Calculate using
Interest Saved = Standard Interest - New Interest With Extra Payments. - Review Results: View exact computed answers, metrics, and worked mathematical proofs.
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Frequently Asked Questions (FAQs)
Do extra repayments reduce loan term?
Yes, paying extra principal shortens the total loan duration.
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Authoritative Standards & Verified Reference Citations
Calculations and mathematical logic on this page are grounded in published statutory rules, regulatory standards, and official government data published by the following bodies:
Consumer guidance on mortgage borrowing capacity, compound interest formulas, and loan fees.
Official cash rate target announcements, monetary policy statements, and national economic statistical data.
Official U.S. Federal Funds Rate and comprehensive macroeconomic time-series data.
Key Eurozone interest rates, deposit facility rates, and monetary policy operations.
Residential mortgage serviceability buffer framework (3.0% stress test hurdle rate).
Dedicated Australian home loans, borrowing capacity, mortgage repayments & refinance modeling.