Extra repayments
What could a bit extra each month actually do?
Add an extra amount to the standard monthly repayment and see how much sooner the loan could be paid off, and how much interest that could save over the loan.
An example rate you enter, not an offer from LoanTorq or any lender.
Payoff time saved
6 yrs 3 mths
23 yrs 9 mths instead of 30 yrs
Balance remaining, from today to the end of the loan.
Interest saved
$140,818
New total interest paid
$438,373
Over 23 yrs 9 mths
How this works
The calculator works out the standard repayment for the original loan term, then adds your extra monthly amount on top for every remaining month, tracking the balance down month by month until it reaches zero. The comparison is against the same loan with no extra repayments at all.
It assumes the rate stays the same for the whole period and that the extra repayment is made every month without a break. Most home loans allow extra repayments, but some fixed-rate loans cap how much extra you can pay each year without a fee. Always check your loan's terms, or ask David to check them for you.
General information only, illustrative only. This calculator is not a quote, a pre-approval or a form of credit assistance. The numbers you enter are examples; actual repayments, extra-repayment limits, fees and rates depend on the lender, its current policy and your individual circumstances.
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