How to use this tool
- Enter your own confirmed figures or use the labelled fictional example.
- Calculate, compare the breakdown and check the assumptions below.
- Copy or download the result, or print it for your own records.
How the calculation works
The scheduled monthly payment uses standard principal-and-interest amortisation with annual rate divided by twelve. The extra amount is added each month. Both scenarios stop when the loan is paid, with a smaller final payment where needed.
Useful limits to know
The rate and extra payment stay constant. Interest is modelled monthly; lenders may use daily interest and different rounding. Fees, fixed-loan break costs, repayment restrictions and offset accounts are excluded. This is not borrowing approval or personal advice.
Common questions
Is it free?
Yes. There is no account, subscription or payment form for this tool.
Are the example rates current offers?
No. Examples are fictional scenarios, not quoted products or forecasts. Enter confirmed figures and review the assumptions before relying on a result.
Does it connect to my bank or investment account?
No bank or investment account is connected. This is an illustrative browser calculation.
Sources and credits
MoneySmart mortgage calculator ↗
Implementation and source links checked 26 October 2026. This is an independent tool; the sources do not endorse Elaris.
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