Your loan
Rough numbers are fine — drag a slider or type an exact figure.
Loan amount
Interest rate
Loan term
WHAT YOU'D ADD
Extra per fortnight
On top of your normal repayment, every fortnight.
Lump sum now
A one-off amount off the principal today (bonus, inheritance, savings).
WHAT YOU'D SAVE
Interest saved
$110,130
Time saved
4 yrs 11 mo
You'd clear the loan in 25 yrs 2 mo instead of 30 yrs.
The comparison
Normal fortnightly repayment$1,383
Interest — as scheduled$578,674
Interest — paying extra$468,544
You keep$110,130
Assumes the rate holds for the life of the loan and extra payments are allowed without penalty. On a fixed rate, banks often cap how much extra you can pay each year — an adviser can tell you your limits.