See how paying half the monthly repayment every fortnight clears a loan years sooner.
Illustrative rate, not a lender offer
Paying half your monthly repayment every fortnight means 26 half payments a year, the same as 13 monthly repayments instead of 12. The extra goes straight off the balance.
Interest saved paying fortnightly
$94,503
- RepayingRepaymentInterestSaved
Monthly
- Repayment
- $2,761.02
- Interest
- $493,967
- Saved
- -
- Full term
Fortnightly
- Repayment
- $1,380.51
- Interest
- $399,463
- Saved
- $94,503
- 4 years, 11 months sooner
Weekly
- Repayment
- $690.25
- Interest
- $399,010
- Saved
- $94,957
- 4 years, 11 months sooner
Yr 30
Monthly$0
Fortnightly$0
Weekly$0
Calculator results are indicative estimates only and do not constitute a finance quote, offer, approval or financial advice. Actual repayments, rates, fees and loan terms depend on the lender, product and individual circumstances.
How the fortnightly repayment figures are worked out
- 01
The calculator takes the monthly repayment for your loan and halves it for fortnightly, or quarters it for weekly.
- 02
There are 26 fortnights in a year but only 12 months, so you make the equal of one extra monthly repayment each year.
- 03
That extra amount comes straight off the balance, which cuts the interest and the time to repay.
Calculator results are indicative estimates only and do not constitute a finance quote, offer, approval or financial advice. Actual repayments, rates, fees and loan terms depend on the lender, product and individual circumstances.
- Asset finance repaymentsRepayments on a vehicle, truck, machine or equipment, with deposit, trade-in, fees and balloon.
- Balloon paymentCompare no balloon with a smaller and larger one, and see the repayment and total cost of each.
- Extra repaymentsFind out how much time and interest an extra amount each month could save.
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