See how much extra repayments save you — compare interest cost and payoff time with and without extra payments.
See how much you save by making extra repayments on your personal loan. Compare interest and payoff time. Free.
01 —INPUTS
Total amount borrowed.
Typical personal loan rates range 8–15%.
Most personal loans run 1–7 years.
Additional amount paid each month above the scheduled repayment.
02 —RESULTS
Interest saved0.00
Time saved0.0 years
Making extra repayments on your personal loan reduces both your total interest cost and the time it takes to pay off the loan. Even a modest extra amount — like $50 or $100 per month — can save hundreds or thousands in interest over the life of the loan.
Be aware that some fixed-rate personal loans charge early repayment fees if you pay off the loan ahead of schedule. Variable-rate loans are typically more flexible. Always check your contract before making large extra payments.
Most variable-rate personal loans in Australia allow unlimited extra repayments at no cost. However, fixed-rate personal loans often cap extra repayments (e.g. $10,000 per year) and may charge an early repayment fee if you pay off the loan early. Check your loan contract before making large extra payments.
What are the extra repayment rules for fixed vs variable personal loans?
Variable-rate loans: usually no limits or fees on extra payments. Fixed-rate loans: often restricted — common caps are $5,000–$10,000 per year in extra repayments. Exceeding the cap or paying off the loan early may trigger a break fee or early termination fee.
Should I pay off my personal loan early?
It depends on your interest rate and other financial priorities. If your loan rate is high (above 10%), paying it off early usually saves significant interest. If your rate is low and you could earn more by investing or need an emergency fund, keeping the loan might make sense. Check for early repayment fees on fixed-rate loans.