Extra Payment Calculator
See how much time and interest you can save with extra mortgage payments
Your Mortgage
$
%
Extra Payments
$
$
Total Interest Saved
$117,720
Pay off 4.7 years earlier
Standard Term
30.0 years
$3,160/mo
With Extra Payments
25.3 years
$3,360/mo
Interest Comparison
Standard Interest$637,722
With Extra Payments$520,003
Your Savings$117,720
Payoff Milestones
25% paid off
11.0 yrs(3.2 yrs faster)
50% paid off
17.4 yrs(4.0 yrs faster)
75% paid off
21.8 yrs(4.5 yrs faster)
Return on Extra Payments
Your $60,800 in extra payments will save you $117,720 in interest - a return of 94% on your extra payments!
Loan Balance Comparison
See how extra payments accelerate your loan payoff
Tips for Extra Payments
- • Even small extra payments add up over time
- • Put work bonuses or tax refunds towards your mortgage
- • Check your loan allows extra payments without penalty
- • Consider a revolving credit or offset facility
Disclaimer: This calculator provides estimates only and should not be relied upon for financial decisions. Actual loan terms, rates, and eligibility may vary. Please contact a Mortgage Lab adviser for personalised advice.
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