Extra repayments calculator
What if you paid a bit more each month? See how much interest you'd save and how much sooner you'd own it outright, plus where every repayment goes, month by month or year by year.
What does amortisation mean?
It's just the way a loan gets paid off over time. Your repayment stays the same each month, but what it pays for changes.
Early on, you owe the most, so most of each repayment goes on interest and only a little comes off the loan. As the balance drops, the interest drops with it, so more of the same repayment goes to paying the loan down. By the last year, almost all of it is coming off what you owe.
That's why extra repayments early in a loan save the most interest, and why a balloon costs more overall. You pay interest on it the whole way through.
What if I pay more?
Repayments
Per month
$820.47
Total interest
$9,228.11
Total repaid
$49,228.11
Amortisation schedule
| Month | Payment | Interest | Principal | Balance owed |
|---|---|---|---|---|
| 1 | $820.47 | $283.00 | $537.47 | $39,462.53 |
| 2 | $820.47 | $279.20 | $541.27 | $38,921.26 |
| 3 | $820.47 | $275.37 | $545.10 | $38,376.16 |
| 4 | $820.47 | $271.51 | $548.96 | $37,827.20 |
| 5 | $820.47 | $267.63 | $552.84 | $37,274.36 |
| 6 | $820.47 | $263.72 | $556.75 | $36,717.61 |
| 7 | $820.47 | $259.78 | $560.69 | $36,156.92 |
| 8 | $820.47 | $255.81 | $564.66 | $35,592.26 |
| 9 | $820.47 | $251.82 | $568.65 | $35,023.61 |
| 10 | $820.47 | $247.79 | $572.68 | $34,450.93 |
| 11 | $820.47 | $243.74 | $576.73 | $33,874.20 |
| 12 | $820.47 | $239.66 | $580.81 | $33,293.39 |
| 13 | $820.47 | $235.55 | $584.92 | $32,708.48 |
| 14 | $820.47 | $231.41 | $589.06 | $32,119.42 |
| 15 | $820.47 | $227.24 | $593.22 | $31,526.20 |
| 16 | $820.47 | $223.05 | $597.42 | $30,928.78 |
| 17 | $820.47 | $218.82 | $601.65 | $30,327.13 |
| 18 | $820.47 | $214.56 | $605.90 | $29,721.22 |
| 19 | $820.47 | $210.28 | $610.19 | $29,111.03 |
| 20 | $820.47 | $205.96 | $614.51 | $28,496.53 |
| 21 | $820.47 | $201.61 | $618.86 | $27,877.67 |
| 22 | $820.47 | $197.23 | $623.23 | $27,254.44 |
| 23 | $820.47 | $192.83 | $627.64 | $26,626.79 |
| 24 | $820.47 | $188.38 | $632.08 | $25,994.71 |
| 25 | $820.47 | $183.91 | $636.56 | $25,358.15 |
| 26 | $820.47 | $179.41 | $641.06 | $24,717.09 |
| 27 | $820.47 | $174.87 | $645.60 | $24,071.50 |
| 28 | $820.47 | $170.31 | $650.16 | $23,421.34 |
| 29 | $820.47 | $165.71 | $654.76 | $22,766.57 |
| 30 | $820.47 | $161.07 | $659.39 | $22,107.18 |
| 31 | $820.47 | $156.41 | $664.06 | $21,443.12 |
| 32 | $820.47 | $151.71 | $668.76 | $20,774.36 |
| 33 | $820.47 | $146.98 | $673.49 | $20,100.87 |
| 34 | $820.47 | $142.21 | $678.25 | $19,422.61 |
| 35 | $820.47 | $137.41 | $683.05 | $18,739.56 |
| 36 | $820.47 | $132.58 | $687.89 | $18,051.67 |
| 37 | $820.47 | $127.72 | $692.75 | $17,358.92 |
| 38 | $820.47 | $122.81 | $697.65 | $16,661.27 |
| 39 | $820.47 | $117.88 | $702.59 | $15,958.68 |
| 40 | $820.47 | $112.91 | $707.56 | $15,251.12 |
| 41 | $820.47 | $107.90 | $712.57 | $14,538.55 |
| 42 | $820.47 | $102.86 | $717.61 | $13,820.94 |
| 43 | $820.47 | $97.78 | $722.69 | $13,098.26 |
| 44 | $820.47 | $92.67 | $727.80 | $12,370.46 |
| 45 | $820.47 | $87.52 | $732.95 | $11,637.51 |
| 46 | $820.47 | $82.34 | $738.13 | $10,899.38 |
| 47 | $820.47 | $77.11 | $743.36 | $10,156.02 |
| 48 | $820.47 | $71.85 | $748.61 | $9,407.41 |
| 49 | $820.47 | $66.56 | $753.91 | $8,653.50 |
| 50 | $820.47 | $61.22 | $759.24 | $7,894.25 |
| 51 | $820.47 | $55.85 | $764.62 | $7,129.63 |
| 52 | $820.47 | $50.44 | $770.03 | $6,359.61 |
| 53 | $820.47 | $44.99 | $775.47 | $5,584.13 |
| 54 | $820.47 | $39.51 | $780.96 | $4,803.17 |
| 55 | $820.47 | $33.98 | $786.49 | $4,016.69 |
| 56 | $820.47 | $28.42 | $792.05 | $3,224.64 |
| 57 | $820.47 | $22.81 | $797.65 | $2,426.98 |
| 58 | $820.47 | $17.17 | $803.30 | $1,623.69 |
| 59 | $820.47 | $11.49 | $808.98 | $814.70 |
| 60 | $820.47 | $5.76 | $814.70 | $0.00 |
Weekly = monthly repayment × 12 ÷ 52; fortnightly × 12 ÷ 26. Repayments are indicative only, include only the fees you entered, and are not a finance offer. Subject to credit approval.
This calculator is a guide only and does not take your personal circumstances into account. It is not an offer of credit, a quote, or a suggestion that you are eligible for a loan. Your actual rate, fees and repayments depend on the lender, your credit profile and the asset, and will be set out in a credit proposal before you commit to anything.
The interest rate is one you enter, not a rate offered by Better Money or any lender. Where a lender advertises a rate it must show a comparison rate; ask your Finance Specialist for the comparison rate on any option before you decide.
Better Money Pty Ltd ABN 95 668 432 086, Authorised Credit Representative 552 640 of Australian Credit Licence 531308.