Estimated repayment
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This calculator gives a general estimate only. It does not take your personal circumstances, lender fees, or changes in interest rates into account, and it is not a quote or an offer of credit. Speak with a MAXLEND broker before making any financial decision.
How extra repayments work
Interest on a home loan is charged on the balance you owe. Paying more than the minimum reduces that balance sooner, so less interest is charged from then on. Enter your loan details and the extra amount you could pay, and the calculator estimates how much time and interest that could take off the loan.
Before you rely on the figures
Check that your loan allows extra repayments. Variable-rate loans usually do. Fixed-rate loans often limit them, and going over the limit can attract a fee. If your loan has an offset account, money held there can reduce interest in a similar way while staying available to you.
A general guide
The result assumes the interest rate and your extra payments stay the same for the rest of the loan, and it does not include fees. It is an estimate, not advice. If you would like to know whether your current loan is the right one for making extra repayments, a loan health check is a good place to start.
Want figures based on your situation?
A broker can give you a clearer picture than any calculator.