What does an extra $50 a week actually do to your loan? See the interest you'd save and the years you'd cut - in about 30 seconds, no sign-up needed. And if the honest answer is "barely anything", I'll tell you that too.
Want your breakdown in your inbox? I'll email this result - plus an honest note on whether an offset account might suit you better than paying down the loan directly.
This calculator provides estimates only, based on the figures and assumptions you enter (principal-and-interest repayments, your interest rate held constant for the full term, extra repayments applied every period as entered, and any redraw or offset ignored). It is not an offer of credit, a quote, or financial advice, and doesn't account for your full circumstances or all fees and charges. Lending criteria, fees and rates vary by lender and change over time. Talk to us for an assessment based on your situation.
Three numbers tell the story. Interest saved is what you keep instead of handing to the bank over the life of the loan. Time cut is how much sooner you're debt-free. New payoff year is the calendar year you'd actually finish, on these numbers. The reason a modest extra can do so much is compounding working in your favour: every dollar you pay early stops being charged interest for every remaining year of the loan.
Here's the honest bit most brokers won't lead with: if you're already on a sharp rate, consistent extra repayments often beat chasing a slightly lower rate elsewhere. There's no application, no switching cost, and no requalifying - just momentum. If your rate isn't sharp, that's a different conversation, and the refinance savings calculator is the better place to start.
Money paid straight onto the loan usually sits in redraw - accessible, but not always instantly, and some lenders restrict it. An offset account gives the same interest saving with everyday access; the offset calculator lets you compare. And if your loan is fixed, check your annual extra-repayment cap first: many fixed loans limit extra repayments and charge break costs beyond the cap. When you refinance or restructure - the sort of thing I handle for clients across Hampton Park, Mordialloc and the rest of south-east Melbourne - getting the offset and redraw setup right is half the value.
Sometimes the maths barely moves - a small extra on a large balance, or a loan that's nearly paid off. When that's the case, this tool will say so plainly. The point isn't to guilt you into paying more; it's to show you what your money would actually buy in years and interest, so you can decide.
I'll look at your actual loan, your rate and your offset setup, and tell you the fastest sensible way to pay it down - including if you're already doing it right. Obligation-free, and no fee charged to you. We can sort it over a coffee.
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