What would another $200 a month actually buy you?
Your bank told you the minimum. Nobody tells you what paying a little more does — and on a typical Christchurch loan it's years off the term and six figures of interest.
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and $134,328 of interest you'd simply never pay
Worked from the calculator below — move the slider and it changes.
Play with the numbers.
Set your loan up on the left, then move the slider. Every extra dollar comes straight off the principal, so the effect compounds — which is why a 10% increase buys far more than 10% of anything.
The things that move this number most.
Can I just pay extra whenever I like?
On a floating or revolving portion, yes. On a fixed rate most lenders cap extra repayments — often around $500 a fortnight or 5% of the balance a year — and charge a fee beyond it. That cap is negotiable at the point you fix, and almost nobody negotiates it.
Does paying fortnightly really make a difference?
Yes, and not for the reason most people think. Half the monthly payment every fortnight means 26 half-payments a year — the equivalent of 13 monthly payments, not 12. That extra one comes straight off the principal.
Should I fix for longer to be safe?
It depends on what you're protecting against. A longer fix buys certainty but costs flexibility — break fees apply if your circumstances change. Most people are better splitting across two terms than committing everything to one.
What isn't in this number?
Rates, insurance, body corporate levies and maintenance. Lenders assess those separately, and they're often what makes a repayment that looked comfortable feel tight.
Why does the total interest look so large?
Because it assumes one rate for thirty years, which never happens. It's useful for comparing scenarios against each other, not as a prediction. Structure — splitting the loan, keeping a revolving portion, paying extra early — changes it far more than the headline rate does.
Can your loan actually take extra payments?
Most fixed loans cap what you can pay above the minimum before a fee applies. Structuring around that is the difference between this being a plan and a nice idea.
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