Calculate your Extra & Lump Sum Payment


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Home loan comparison

Lender

Variable
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loans.com.au – Variable Home Loan (LVR < 90%)

    Variable
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    HSBC – Home Value Home Loan (Principal and Interest) (LVR < 80%)

      Fixed
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      Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 1 Year

        Variable
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        Beyond Bank – Purple Basic Variable Home Loan (New Customer) (LVR 60%-80%)

          Variable
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          Athena – Straight Up Owner Occupied - Celebrate (LVR 50%-60%) (Principal and Interest)

            Fixed
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            IMB Bank – Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR ≤ 80%)

              Variable
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              Liberty Financial – Liberty Low Rate Home Loan (LVR < 95%)

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of July 25, 2024. View disclaimer.

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                Extra & Lump Sum Payment Calculator Assumptions:

                The figures provided should be used as an estimate only, should not be relied on as true indication of your home loan repayments, or a quote or indication of pre-qualification for any home loan product. The figures are based upon the information you put into the calculator. We have made a number of assumptions when producing the calculations including:

                • Loan term and loan amount: We assume the loan term and loan amount are what you enter into the calculator.
                • Interest rates: We assume that the rate you enter, is the rate that will apply to your loan for the full loan term even if you choose:
                  • a variable rate; or
                  • an interest only rate which, in practice, will only apply for a limited period after which a different rate will apply.
                • Interest and repayments: The displayed total interest payable is the interest for the loan term, calculated on the entered interest rate. We make the following assumptions about repayments:
                  • repayments are made monthly.
                  • your annual interest charge is divided equally over 12 monthly payments (in practice, interest is calculated daily and charged monthly which can lead to your interest charge varying between months).
                  • interest is charged to the loan account at the same frequency and on the same day as the repayments are made (this may not be the case in practice).
                  • only your initial repayment amount is calculated. We assume that this repayment amount is payable for the loan term. In practice, repayment amounts can change for a variety of reasons.
                  • weekly and fortnightly loan repayment amounts are assumed to be a quarter and a half of the monthly repayment amount respectively.

                if added, your extra repayment is taken to be made at the same time as your monthly repayment.

                What does Extra and Lump Sum Payment mean?

                An extra payment simply means an additional payment made by the borrower to further reduce the overall amount of the loan. These payments are seperate from the regular instalment or monthly fees.

                Similarly, a lump sum payment is often a large sum that is paid by the borrower in one single payment.

                Extra payments and lump sum payments are good options as they can reduce your loan term.

                Here are a few key takeaways to consider before making extra and lump sum payments on your mortgage:

                • Making large early payments can reduce the interest charged on your mortgage, however this still varies between lenders - so be sure to ask your lender before making an additional repayment.

                • Making a lump sum payment on your mortgage may not mean your minimum monthly repayment will reduce, in most cases it will only reduce the interest component of your repayment. If this is the case, it can be helpful to ask your lender to recalculate your monthly mortgage repayment, taking into consideration the lump sum payment you have made.

                • Ensure you speak with your lender before making any extra or lump sum payments to your loan, to understand exactly how this can alter your mortgage.

                Compare home loan rates

                Extra and Lump Sum Payment FAQs

                By simply adding $100 per month on your mortgage, it's likely you'll significantly reduce the time it takes to pay off your loan.

                Paying off your mortgage early may cause certain fees to be applicable, such as a discharge fee or a title registration fee.

                Making a lump sum payment on your mortgage, outside of your regular monthly repayments, can help you save a significant amount of interest over the life of your loan.

                This depends on your individual financial circumstance. Making additional payments regularly could be equally as beneficial as making a sporadical once-off lump sum payment.

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of 9 July 2024.

                ^The addition of offset sub-account means your comparison rate will change.

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