Advanced Repayment Calculator

Although this calculator acts as a simple mortgage calculator, you can also use it to see how much you can save when you make extra payments regularly, or if you make a one-off lump sum repayment into the mortgage.

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  • years
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  • years
Advanced options:
  • How much extra you think you could pay per month, and how soon you think you could start paying the extra amount? The calculator will show you how much sooner you could be mortgage free!
  • month
  • One off extra payment - Tell us how much and when you think you would pay and the mortgage calculator will show you what effect it would have on your mortgage term.
  • month

About the Advanced Repayment Calculator

The mortgage repayment calculator allows the user to calculate their loan repayments then observe the effect of making additional repayments and redraws You do not need to enter a fixed interest rate period.

If the loan is a variable interest rate and you only know the current variable rate enter this in the variable interest rate field. The repayment calculator is based on interest being calculated and charged monthly. Additional repayments, both one off and every month, are assumed to occur during the month, hence are deducted prior to interest being calculated. Similarly, redraws are added to the balance prior to interest being calculated. Entry fees are added to the amount borrowed.

The updated loan summary is the difference between the initial loan details entered and all the additional repayments and redraws listed. If the user enters both an initial fixed interest rate and a variable interest rate the repayments for both these periods are set prior to any additional repayments or redraws being made. This means that if the borrower makes additional repayments in the initial period of the loan, they will reduce the term of the loan not the required repayment in the second period of the loan.

The final repayment is the repayment made in the last period of the loan to pay out the remaining balance.

You can enter any lump sum to be paid on the loan and the number of the month in the loan term where the lump sum is added (eg, month 1, 2... 10, 12 of the loan term etc) and/or the amount of any extra repayments and the number of the month in the loan term where the lump sum is added (eg, month 1, 2... 10, 12 of the loan term etc).

If you have any problems with or questions about the Repayment Calculator, email info@yourmortgage.com.au