Optional extra payment on top of minimum
Monthly
$2,473.28
Fortnightly
$1,141.52
Weekly
$570.76
Payoff Time
30y 0m
Total Interest
$490,382.36
How do extra repayments help?
Extra repayments go straight towards paying off your loan principal. Because interest is charged on the remaining balance, even small extra payments can save you thousands in interest and cut years off your loan. For example, paying an extra $200 per month on a $400,000 loan could save you over $100,000 in interest.
Fortnightly vs monthly -- which is better?
Paying fortnightly means you make 26 half-payments per year, which equals 13 monthly payments instead of 12. That extra payment each year reduces your principal faster and saves you interest over the life of the loan. It is one of the simplest ways to pay off your home loan sooner.
Should I pay off early or invest?
This depends on your interest rate and expected investment returns. If your home loan rate is 6% and you expect investments to return 8% after tax, investing may be better. But paying off your mortgage is a guaranteed, risk-free return equal to your interest rate. Many people prefer the peace of mind that comes with owning their home outright.
Note: This calculator gives estimates only. Actual repayments may vary depending on your lender's terms, fees, and how they calculate interest. Always check with your bank or broker.
Disclaimer: This calculator provides estimates based on current ATO rates and thresholds for the 2024–25 financial year. It does not constitute professional tax, financial, or legal advice. Your actual liability may differ depending on your individual circumstances. Always consult a qualified tax agent before making financial decisions. Read our terms
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