The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. The specific details of your loan will be provided to you in your loan contract. It is advised that you get in touch with us before taking out a loan so that we can provide you with advice that is tailored to your situation.
The Extra Repayment Calculator calculates the time and interest saved paying off a loan given additional extra repayments. The extra repayments are made after the establishment of the loan, and are in addition to continuing the regular repayments. The calculation is performed at the repayment frequency entered.
The Present Value provided by this calculator is displayed as the amount labelled 'Loan amount;. This estimate does not take into account any assumed change in the cost of living between the time of the preparation for the estimate provided or the future.

Calculator Assumptions
Length of Month Months are treated as being of equal length. However, given some months are longer than others, actual interest charged will vary depending upon the month.
Number of Weeks & Fortnights in a Year One year is assumed to contain exactly 52 weeks or 26 fortnights. Thus, each year has 364 days.
Rounding of Repayment Amounts The calculator uses the unrounded repayment to derive the amount of interest payable over the full term of the loan, however, institutions round repayments to the nearest cent. Unrounded payments provide for constant lines within the graphs. Note that the final repayment after the increase in repayment amount will be a partial repayment as required to reduce the loan balance to zero.
Interest Only Repayment Period The calculator assumes that any interest only repayment period will be for 5 years, at the start of the loan.
Rounding of Time Saved The time saved is presented as years and months saved. The figure is rounded down to the closest month, thus slightly understates the saving.