Use the Atomic Home Loans extra repayment calculator to calculate how much time and interest you can save by contributing more than just a minimum require repayment.
This extra repayment calculator will provide you with a overview and illustration so you can identify exactly how much money you can save over the long term even with just an extra $10 a week in additional repayments.
By inputting your loan size, interest rate, loan term and repayment frequency, you will be able to work out what your standard repayments are.
The extra contribution per payment section will allow you to input your extra repayments, and also at what point in the loan term you plan to start making these extra repayments. By doing this, you will notice an adjustment in the results.
The results will give you a clear picture of what your new repayments will look like. In addition, you can also find out how much time and interest you will save off of your home loan.
The bottom line is that the sooner you start making extra repayments and the larger the extra repayments are, the fast you will become mortgage-free.
The graph also provides you with an illustration of the amount owing in comparison to the remaining years left on the term of the loan. The blue section shows you what it would look like with extra repayments, while the grey line represents your loan performance if you chose to make minimum repayments.
Another calculator worth using, in addition to this one, is our mortgage switching calculator – also known as a refinancing calculator. You can view this calculator by clicking here.
If you require some more assistance or would like a more detailed explanation on how the this extra repayment calculator works, contact an expert from Atomic Home Loans by calling (02) 9188 8834 or by leaving us a message on our contact us page so one of our experts can get in touch with you.See All Calculators