Jo Choat has listed an example below what the implications are if you pay just a little extra on your regular mortgage payments

Take a total mortgage of $450,000.00 at 6.0% the interest is $27,000

If you pay $622.50 p.w it will be a 30 yr term $669 p.w and you reduce the term to 25 yrs saving approx. $135K Pay $744 p.w and you will reduce the term to 20 yrs saving approx. $270K

Give Jo a call on (021) 476322 or (09) 4863224 if you would like any budgeting advice. She does charge for this service, but it could save you thousands if you simply know where your money is going.