Paying it off
Extra repayments
The most persuasive calculator in a broker’s kit, because the answer is almost always larger than a client expects. A modest amount added to every repayment compounds against the balance for the life of the loan.
Your numbers
600,000
300
Result
Interest saved
$157,424
- Time taken off the loan
- 5 years 6 months
- Paid off in
- 24 years 6 months
- Interest without the extra
- $729,949
- Interest with the extra
- $572,526
- Interest, as is$729,949
- Interest, with extra$572,526
The saving here is several times the extra actually paid in. That is the compounding working backwards, and it is worth showing a client in full.
What this does not tell you · It does not check whether your loan allows extra repayments, or whether the money would do more in an offset account you can draw back.
Put this on your own site
This calculator ships as part of a Finance OS build, on your brand and your booking link, so an enquiry that starts with a number ends in your calendar rather than on a bank’s website.