Calculators · Costs
What could a little extra save you?
Paying even a small amount on top of your minimum repayment can quietly take years, and a lot of interest, off your loan. Move the sliders to see it.
Use your current or expected rate. I don't quote a rate here.
Interest you could save
$150,136
By paying an extra $300 a month on top of $3,897.08.
Why extra repayments punch above their weight
Early in a loan, most of your repayment goes to interest. Every extra dollar you throw at it comes straight off the principal, which means less interest charged for the whole rest of the loan. That compounding is why a modest extra amount can save so much.
If your money moves around a lot, an offset account can do a similar job while keeping your cash available. I explain the difference in my offset vs redraw guide, and it's worth checking your repayments first.
Want your loan working harder?
Book a free 15-minute call and I'll check whether your loan is set up to make the most of extra repayments.
Important information
This information is general in nature and does not take your personal objectives, financial situation, or needs into account. It is not credit assistance or a recommendation to enter into any particular credit contract. Consider whether it is right for you and seek advice before acting. Lending is subject to a lender's eligibility and approval criteria. Terms, conditions, fees, and charges apply. Figures are estimates that assume a constant interest rate for the life of the loan and do not account for fees or rate changes.
Greenwood Finance · ABN 23 671 049 693 · Credit Representative No. 551942.