News & Insights
Finance & Tax
Extra Lump Sum Calculator
Our extra and lump sum payment calculator helps you see how much you could save by making extra repayments, or by making a one-off lump sum payment.
Extra & lump sum payment calculator assumptions:
The figures provided should be used as an estimate only, should not be relied on as true indication of your home loan repayments, or a quote or indication of pre-qualification for any home loan product. The figures are based upon the information you put into the calculator. We have made a number of assumptions when producing the calculations including:
Loan term and loan amount
We assume the loan term and loan amount are what you enter into the calculator.
We assume that the rate you enter, is the rate that will apply to your loan for the full loan term - even if you choose
Interest and repayments
The displayed total interest payable is the interest for the loan term, calculated on the entered interest rate. We make the following assumptions about repayments
if added, your extra repayment is taken to be made at the same time as your monthly repayment.
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 firstname.lastname@example.org