This calculator determines how quickly you can pay off your loan by giving you instant access to making extra repayments per weekly / fortnightly / monthly. You can be very flexible in repayment frequency so long as you pay what the bank required minimum amount.
The number of years over which you will repay this loan. The most common mortgage amortization periods are 20 years and 30 years.
Your principal and interest payment (PI) per period.
Fortnightly payments are a bi-weekly payment option where payments are calculated by taking your normal monthly payment and dividing it by two. Since you pay 26 fortnightly payments, by the end of each year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage.
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. Costs such as redraw fees, early repayment fees and other costs and charges which may be applicable are not included in the calculations but may influence the cost of the loan. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Please Wait ...
You can contact us on 02 9620 5559 or 0404 234517. You can email me directly at email@example.com. If you prefer you can use our contact us form. Please give as much detail as possible and we will get back to you as soon as possible.
Content on this website is general in nature and is not a recommendation, opinion or guidance to any individuals in relation to acquiring or disposing of a financial product. Readers should not rely on this content and should always seek specific financial advice appropriate to their own individual circumstances.
Mary O'Brien is a Registered New Zealand Financial Adviser (Financial Services Provider Register No. 43497 NZ Companies Office)
Mary O'Brien is a Credit Representative (Credit Representative No. 398565) of Ozloans Finance Pty Ltd ABN 56 090 913 607 (Australia Credit Licence No. 391829)