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Understand the mechanism
See the difference between your usual mortgage path and one with ongoing extra repayments.
THE INTEREST IQ DISCOVERY TOOL
See what a little extra could do.
Adjust the figures below to explore how an extra daily repayment might affect your estimated interest costs and loan term. Start from just $1 a day.
Your loan, your numbers
Use your own figures or experiment with the example.
$
%
years
$1
$
Enter your figures, then click the button to see your results.
This example assumes a principal-and-interest home loan, a constant interest rate, regular monthly repayments and an additional payment applied directly to the loan principal each day. Results are estimates only.
Where to next? Please enter a valid balance, rate, term and daily amount.
Your estimated difference
What your extra daily repayment could change
A comparison with and without the extra daily payments.
Estimated time saved
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Days off your loan
Estimated interest saved
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Across the remaining loan term
Your mortgage freedom moment
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Estimated outcome using the figures and assumptions above.
Your loan path over time
Standard repaymentWith daily extras
Standard estimated payoff—
With daily extras—
Standard estimated total interest—
With daily extras—
View calculation assumptions
INDEPENDENT MORTGAGE EDUCATION
Understanding first. Decisions second.
Interest IQ helps Australians explore how mortgage interest and repayment patterns work. We don’t recommend lenders or arrange loans — we help you understand the numbers.
◈ No bank details✧ Education first▣ Clear assumptions
WHAT YOU'RE DISCOVERING
It isn't magic. It's the mathematics.
Extra repayments reduce the outstanding principal. A smaller principal generally means less interest accrues in future. Repeated over time, modest additions can have a cumulative effect. This is an educational estimate, not a promise of savings or a recommendation about your particular credit contract.
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Measure days, not just years
Explore the possible number of days removed from the remaining payoff period.
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Explore what comes next
Interest IQ is being developed to bring clear explanations, scenario modelling and easy-to-follow tutorials.
MADE FOR CLARITY, NOT CONFUSION
Understand the maths before making decisions.
Interest IQ is being developed as an independent mortgage education experience. We don't arrange loans, recommend lenders, or tell you whether to refinance. We show how clearly stated assumptions affect an estimated repayment outcome.
Read the important details →Show the assumptionsSee exactly what drives the results.
No pressure to buyThis demonstration is complete and free.
Your figures stay hereThis prototype calculates in your browser. It doesn't transmit or save them.
A FEW GOOD QUESTIONS
Before you explore
Is the $1 transferred automatically by Interest IQ?
No. Interest IQ is an educational estimator, not a payment service. Any automated transfers would need to be arranged separately with your bank or lender, subject to its facilities and conditions.
Will an extra $1 every day definitely save the amount shown?
No. Results are estimates using a stated daily-interest model. Your lender may apply different interest, repayment, cut-off and transaction rules. Rates can change, and some products restrict extra repayments or charge fees.
Can I use this instead of financial or credit advice?
No. This tool provides numerical illustrations, not an assessment of your individual financial circumstances or a recommendation to keep or change a particular loan.
Is there a paid product today?
No. This is a working demonstration of a website in development. Any future paid features and pricing would be clearly shown before purchase.
Curious what an extra $2, $5 or $10 a day could change?
Try a different amount above and watch the two loan paths diverge.
Try another amount ↑