Extra Repayments Calculator
Calculate your savings with extra loan repayments. Discover how much you can save in interest and time today
Calculate your savings from making extra repayments
Step 1 – My current loan details
Step 2 – Extra repayments
How did we calculate this?
Based on what you’ve told us
Total repayments
$0
monthlyYou could save
$0
over the life of your loanTime saved
0 years
Remaining Loan Balance
Understanding the Extra Repayments Calculator
The Extra Repayments Calculator helps you understand how much time and interest you can save by making additional repayments on your loan. By entering the amount of your extra repayments, the calculator determines the reduction in the loan term and the total interest saved, based on the specified loan parameters: loan amount, annual interest rate, and loan term.
Key Assumptions:
- Equal Length of Months: The calculator assumes all months are of equal length. In reality, loans accrue interest daily, and the number of days in each month can affect the interest calculation.
- Yearly Weeks and Fortnights: A year is considered to have exactly 52 weeks or 26 fortnights, assuming a 364-day year instead of the actual 365 or 366 days.
- Repayment Rounding: While actual repayments are rounded to the nearest cent, the calculator uses unrounded figures to provide a smooth repayment graph and consistent repayment amounts. The final repayment, after including extra repayments, may be a partial amount to bring the loan balance to zero.
- Rounding of Time Saved: The time saved is rounded down to the nearest month for all repayment frequencies (monthly, fortnightly, weekly), providing a slightly conservative estimate.
- Interest Saved: The interest saved is calculated to full accuracy, including cents, and is not rounded. This provides a precise estimate of the interest savings based on the time saved.
Disclaimer: The information provided by this calculator is for illustrative purposes only and should not be considered as personal financial advice. The results are not forecasts but tools to help you make your own projections. Professional financial advice should be sought for your specific circumstances. Macquarie is not liable for any losses or damages resulting from the use of this calculator. This tool does not constitute an offer to lend or imply that a loan product is suitable for you. For loan applications, please complete the necessary forms provided by our staff.
