Find Your Mortgage Freedom Day
See exactly how much time and interest a small extra repayment saves you — with a real payoff date, not just a percentage.
⚙️ Your Loan
Extra amount per repayment, on top of your minimum.
Advanced: one-off lump sum
The race to debt-free
Loan balance over time
Balance Snapshot
What you'd still owe at each milestone
| Year | Scheduled Balance | With Extra Repayments |
|---|
📚 Related reading
Understand the mechanics behind why extra repayments work so well.
Frequently Asked Questions
Why does a small extra repayment save so much interest?
Mortgage interest is charged on your outstanding balance. Every extra dollar goes straight to principal, which shrinks the balance interest is calculated on for the rest of the loan — the earlier you pay it, the more compounding interest it avoids.
Is this the same as refinancing to a shorter term?
No — refinancing changes your contract and locks in a higher minimum payment. Extra repayments (where your loan allows them without penalty) keep your minimum the same but let you pay ahead voluntarily, so you keep the flexibility to drop back to the minimum if money gets tight.