How much could you potentially save on your mortgage, both in money and time, by boosting your regular payments? Try our home loan extra repayments calculator to find out. Enter your current loan details (or proposed loan details if you don’t already have a mortgage). You can also nominate when you will start your increased repayment, to take account of future pay rises or reduced expenses down the track.

Please note: The calculations do not take into account all fees and charges. The results provided by this calculator are an estimate only, and should not be relied on for the purpose of making a decision in relation to a loan. Interest rates and other costs can change over time, affecting the total cost of the loan. Consider whether you need financial advice from a qualified adviser. Check your mortgage contract to see whether you can change your repayments without incurring costs.

5-Star Rated Home Loans on Canstar’s database

If you’re in the market for a new home loan, the comparison table below features a snapshot of some of the outstanding value variable rate home loans on our database with links to lenders’ websites, sorted by comparison rate (lowest-highest) and then alphabetically by provider name. Products shown are principal and interest home loans available for a loan amount of $500K in NSW with an LVR of 80% of the property value and where the borrower is allow to make additional repayments. Choose between the First Home, Next Home, Investing and Refinance tabs to view results most relevant to you. Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation to confirm whether extra repayments are permitted under the terms of the loan, whether any additional fees or charges may apply and whether the terms of the loan meet your needs and repayment capacity.*Comparison rate based on loan amount of $150,000 and a term of 25 years. Read the Comparison Rate Warning. Use Canstar’s home loan selector to view a wider range of home loan products.

What are extra repayments on a mortgage?

Extra repayments on a mortgage are any payments you make on top of the minimum regular repayment amount that is listed on your home loan contract. Depending on the loan, you may be able to increase your regular repayment so you’re simply paying off a bit extra each month, fortnight or week, or you may also be able to make one-off extra lump sum repayments, in the event that you have some extra cash at a particular time (e.g. when you get your tax return).

Canstar’s home loan extra repayments calculator allows you to “try out” many different calculations about additional repayments you could make on a home loan.

Bear in mind, extra repayments are not allowed, or can be limited, on some loans (this can be the case with some fixed rate loans), or there may be penalties if you make payments beyond the minimum in your contract. It’s a good idea to check what’s allowed on your particular home loan before you commit to making extra repayments. Also consider whether your loan gives you the option of being able to withdraw any extra repayments you have made if you end up needing that money in the future. This can be done via a redraw facility, if your loan comes with that feature.

Home loan calculators to help you work out your financial position

In addition to trying out Canstar’s home loan extra repayments calculator, you may want to use some of our other calculators. These can help you do your sums about different aspects of borrowing to buy a property, such as how much you can afford to borrow and how much your repayments will be.

Compare home loans

Content last reviewed and updated on 27/04/2022