This is how much you wish to pay in addition to your regular repayments on your home loan and living expenses. Referring if your payments are weekly, fortnightly, or monthly. This is referring to the amount of time you have to repay the loan with usual loan term ranging from 25 to 30 years This is the interest rate that you are currently paying which can be fixed or variable. This refers to the outstanding loan balance that you need pay off. Using the extra repayments calculator requires you to input details about your existing home loan. Fill out the form below to get in touch with our expert advisors, and we’ll get back to you within 24 hours. If you’re a first-time buyer or looking to move to a new home or refinance a current home loan, we can help you find the best mortgage deal to suit your needs. Rateseeker has more than 30 years of collective experience helping Australians find the right home loan to purchase their dream home. We give expert guidance to help you decide if extra repayments are right for you. If you have run some figures on the calculator and would like more information, ask our mortgage specialist. With popular Rateseeker tools such as the mortgage extra repayment calculator, rent vs buy calculator, interest-mortgage calculator and more, Australian borrowers can easily compare home loans and payment structures, helping them gain confidence in home financing decisions. Thinking of buying a home or paying off an existing home loan faster? Rateseeker provides borrowers with an easy-to-use calculator to help them compare different extra repayment scenarios. Use our mortgage repayment calculator to know how much money and time you can save on your home loan.Īustralia’s favourite home loan extra repayment calculator And with more extra cash you put towards your loan, the sooner you become debt-free. It’s best to check with your mortgage specialist or lender before making any transfers or deposits.Įven with just an extra $100 payment per month, borrowers on a $400,000, 30-year home loan at 3% interest can get out of debt 24 months earlier. There are home loans that allow unlimited amounts of extra repayments, but some lenders have limitations or charge fees for extra contributions. The repayment calculator will also provide the amount you save on interests with extra repayments you make each month, fortnight or week. And on the second section of the extra repayment mortgage calculator, enter your extra contribution per payment and when you want to start putting in the extra money. The tool works out how many years you cut off from your debt by entering your loan and payment details such as loan amount, interest rate, loan term, and repayment frequency. This calculator is beneficial for borrowers who want to get ahead of their mortgage. Rateseeker’s calculator shows the positive impact of making regular additional payments to your loan. Work out how much you can save on interest with our extra repayment calculatorĮvery extra repayment can go a long way.

Mortgage calculator extra payment