Extra Mortgage Repayment Calculator

Calculate how additional payments towards your mortgage can reduce the overall interest paid and shorten the loan term.

Loan Amount ($) Annual Interest Rate (%) Loan Term (years) Extra Monthly Repayment ($) Current Monthly Repayment ($) Loan Term Reduction (years) Total Interest Saved ($)

function calculateExtraRepayment(){ const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12; const loanTerm = parseInt(document.getElementById(“loanTerm”).value) * 12; const extraRepayment = parseFloat(document.getElementById(“extraRepayment”).value); if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(extraRepayment) || loanAmount <= 0 || interestRate <= 0 || loanTerm el.value = “”); }

This extra mortgage repayment calculator helps you understand how making additional monthly payments on your mortgage can save you money on interest and shorten the life of your loan.

Why Extra Repayments Matter

By paying extra, you reduce the principal of your loan faster, which in turn lowers the interest charged over the life of the loan.

Example Calculation

A $300,000 loan at 3.5% interest over 30 years. By adding an extra $500 to your monthly repayment, you could reduce your loan term by 5 years and save thousands in interest.

Smart Strategy

Making regular additional repayments towards your mortgage can help you become debt-free faster and with less interest paid over time.