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When it comes to home loans, a little extra can go a long way.
The interest on your home loan is calculated daily. So, depending on your loan amount and interest rate, even an additional $100 a month on top of your regular repayments over a 25-year period, for example, could potentially save you thousands of dollars in interest over the life of your loan. It could also see you paying off your mortgage ahead of schedule.
It might hardly seem worth the effort, but you’ll be slowly chipping away at the principal - and over time that can make a big difference.
Simply enter the following details:
1. How much you have borrowed or are borrowing.
2. The interest rate on your loan.
3. The loan type – variable, fixed or introductory.
4. How often you make repayments – monthly, fortnightly or weekly.
5. The extra contributions you might make and when you will start making them.
The Extra Repayments Calculator shows both the principal outstanding at particular points in the loan’s life, and the amount outstanding if extra repayments were to be made.
The Extra Repayments Calculator also shows you the interest and time saved, as well as what your increased repayments will be. You can check out a yearly breakdown of the result, which shows the principal owing with no extra repayments, the principal owing with extra repayments, and the total cumulative interest saved, for each year of the loan.
Play around with different contribution amounts, and watch your savings soar.