Paying it off
Repayment frequency
Half the monthly repayment, paid fortnightly, is not the same as the monthly repayment. There are twenty-six fortnights in a year and only twelve months, so the year quietly contains a thirteenth monthly repayment.
Your numbers
600,000
Result
Interest saved by paying fortnightly
$162,172
- Monthly repayment
- $3,694.30
- Half that, paid fortnightly
- $1,847.15
- Loan clears in
- 24 years 4 months
- Instead of
- 30 years
- Extra paid each year
- $3,694
One additional monthly repayment a year, without it feeling like one.
What this does not tell you · It only works where the lender applies each payment on receipt. Some hold repayments and apply them monthly, which produces none of this.
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.