How do I use the ExecuBond home loan affordability calculator?

Paying off your home loan sooner by making extra payments is one of the best ways to save money. By making these additional payments into your bond, the additional payment calculator shows you how much interest you can save and how much quicker you can pay off your home loan. It's a quick and effective way to see how paying a little bit extra each month or making one-time lump-sum payments will affect things over time.

Calculate and compare in five easy steps

1. 1.Enter the Current Bond Debt: this is remaining balance on your home loan.
2. 2.Enter the Interest Rate (as a percent). For a rough check, use the bank’s advertised rate or the rate your bond originator quotes. We’ve pre-loaded the calculator with the current prime interest rate to help you with this step.
3. 3.Enter the Current Monthly Payment: this is your regular monthly payment excluding any extra payments.
4. 4.Enter the Extra Monthly Payment: Additional amount you plan to pay each month towards the principal.
5. 5.Enter the Interest Rate (as a percent). For a rough check, use the bank’s advertised rate or the rate your bond originator quotes. We’ve pre-loaded the calculator with the current prime interest rate to help you with this step.

Pro tip: You are able to quickly determine how changes in your income, expenses, or deposit amount impact your affordability. This makes it simple to establish a reasonable budget for purchasing a home and apply for a bond with assurance.