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#Extra payment mortgage calculator report full#
#Extra payment mortgage calculator report License number#

is a general information provider and in giving you general product information, is not making any suggestion or recommendation about any particular product and all market products may not be considered.

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#Extra payment mortgage calculator report full#

In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. ,, , and Performance Drive are part of the Savings Media group. To be considered, the product and rate must be clearly published on the product provider's web site. Some providers' products may not be available in all states. Rather, a cut-down portion of the market has been considered. The entire market was not considered in selecting the above products.

#Extra payment mortgage calculator report License number#

AFSL and Australian Credit License Number 515843.Different terms, fees or other loan amounts might result in a different comparison rate. Warning: this comparison rate is true only for this example and may not include all fees and charges. *The Comparison rate is based on a $150,000 loan over 25 years. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. So if you’ve received some extra cash lately (like a work bonus or an inheritance) or just want to get ahead of your loan, then use our extra repayment and lump sum calculator to see how much you could save by using that money to pay down your mortgage.īase criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. Using our extra repayment calculator, if you started paying an extra $200 a month into that same home loan, you could save more than 4 years and $38,000. Using our lump sum repayment calculator, you can estimate that a $25,000 one-off payment into your home loan could shave 21 months and $17,500 off your home loan. Let’s say you have a 25-year, $400,000 home loan at a 3.50% interest rate. Specify how far into the loan schedule you’ll make these extra repayments.Enter how much your extra lump sum payment will be, or how much extra you’ll be paying per month.

Enter the loan amount and the loan term (the length of the loan).

Our home loan extra repayment & lump sum payment calculator can show you just how much difference extra repayments can make to your overall loan.Īll you have to do with our extra repayment/lump sum calculator is: Interest is charged on this principle amount, so the smaller the principal, the less there is to charge interest on.Īlso the more you repay, the quicker you’ll pay off the loan. The longer you have the loan for, the more you’ll have to pay.īut what if there was a way to reduce the length of your home loan, and save on interest? By making an extra lump sum payment off your loan, you can.Īny extra repayment you make - be it lump sum repayments or recurring repayments above the minimum - can save you money simply because it reduces the principal on the loan, aka the borrowed amount left to repay. The average home loan can last 25-30 years, which is a long time to pay something off. While the home itself will cost several hundred thousand dollars at least, the interest component of that loan could easily add another couple of hundred thousand dollars.

A home loan is likely to be the biggest expense you will ever have.