Question 1

How much can extra repayments save?

Accepted Answer

Even $100/month extra on a $500,000 loan at 6.5% over 30 years saves approximately $68,000 in interest and pays off the loan 3 years early. The savings compound because you reduce the principal faster, so less interest accrues.

Question 2

Can I make extra repayments on a fixed rate loan?

Accepted Answer

Most fixed rate loans limit extra repayments to $10,000-$20,000 per year without break costs. Variable rate loans typically allow unlimited extra repayments. Check your loan terms before making large extra payments.

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