What extra repayments save
Add a little to each repayment and see the interest you save and how much sooner the loan is gone.
How much does each extra amount save?
On a $500,000 home loan with 25 years left, $50 extra a week saves $54,302 in interest, and $100 saves $94,229. On a $20,000 car or personal loan, $10 a week saves $1,001.
| Extra each week | Loan | Interest saved | Paid off sooner |
|---|---|---|---|
| $50$500,000 home loan | $500,000 home loan, 25 years at 4.99% | $54,302 | 3 years 2 months |
| $100$500,000 home loan | $500,000 home loan, 25 years at 4.99% | $94,229 | 5 years 7 months |
| $10$20,000 car or personal loan | $20,000 car or personal loan, 5 years at 13.90% | $1,001 | 30 weeks |
| $20$20,000 car or personal loan | $20,000 car or personal loan, 5 years at 13.90% | $1,769 | 54 weeks |
Weekly repayments, rate held for the whole loan. Sources: ANZ, ASB, TSB, Westpac, checked 21 Oct 2026.
Ask a broker how to pay my loan off soonerQuestions about paying extra
What happens if I pay an extra $100 a month on my mortgage?
On $600,000 over 30 years at 4.99%, it saves $43,189 in interest and finishes about 1 year 11 months sooner. You'd pay $3,317 a month instead of $3,217.
Can I make extra repayments on a fixed home loan?
Yes, up to a limit: ANZ $250 a week more plus a 5% lump sum a year, BNZ and Kiwibank 5% a year, TSB up to $10,000 a year, with no break fee (checked 21 Oct 2026). A floating loan takes extra at any time.
Is it better to pay extra or refinance?
Do both if you can. On $500,000 with 25 years left, moving from 5.19% to 4.99% cuts $13 a week, and $50 a week extra at 4.99% saves $54,302 in interest. The refinance calculator shows what switching costs.
Can I pay extra on a personal or car loan?
Yes. Westpac, ASB and Harmoney charge no early repayment fee (checked 21 Oct 2026). $10 a week extra on $20,000 at 13.90% saves $1,001.
Could a better rate save me more?
Answer three short questions and a licensed broker checks whether a lower rate would cut your loan further.
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