Extra Repayment Calculator
How much time and money can be saved on a mortgage with constant, regular payments? Our calculator will help you as you type in current loan details or proposed loan details, along with when to start increased payments.
What are extra repayments on a mortgage?
Whether due to an expected pay rise or reduced expenses down the road, these are the payments beyond the minimum amount as stated in your loan contract. You can boost your monthly regular payments or make lump sum payments whenever you have extra cash, like a tax return.
How does our extra repayment calculator work?
The calculator needs details like your current mortgage details, such as loan amount, interest rate, and loan term, and then allows you to input additional information. This information relates to the extra repayments you want and when you plan to start making them.
As soon as the necessary data is fed, the calculator estimates how much time and money you could save by making those extra repayments. It helps you determine the potential reduction in your loan term and the total interest saved over the life of the loan.
Things to Consider and Keep in Mind
Our calculator’s estimates are based on your information and the assumptions associated with interest rates and loan conditions. Our calculator helps pay off mortgages faster and save on interest costs in areas like Salamander, Hamilton & Medowie.
How does an extra repayment calculator benefit?
Using our calculator, you can make extra or lump sum payments and save on interest while shortening your loan term. Imagine repayments done way in advance, saving you a lot of years and potentially thousands of dollars, as the principal amount of the loan gets reduced, lowering the interest charged.
For more information, Visit Greg at 25A/45 Donald St Nelson Bay NSW 2315, call 1300 651 363, or email greg@homefinancehub.com.au.