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Lump Sum Repayment Calculator
Whether it’s a large tax return, a big bonus at work or any other kind of unexpected windfall, suddenly being flush with cash obviously has its benefits.
While you should definitely take the opportunity to treat yourself to something nice, you may also want to consider throwing a bit of money towards your home loan.
Because interest on your home loan is calculated daily, chipping away with extra repayments whenever possible can have a big impact on the overall cost of your loan – not to mention the time it takes you to pay it off.
Depending on the terms of your home loan, as well as the amount you pay off and when, you could potentially end up saving a great deal. Extra repayments can help ensure the loan balance is lower whenever the interest is calculated.
Use iSelect’s Lump Sum Calculator to see how much time and money you could save.
Advanced Home Loan Repayment Calculator
How to use the calculator
To use the Lump Sum Calculator, all you need to do is enter the following details:
- Your loan type – fixed, variable or introductory.
- Your loan amount.
- The loan period.
- The interest rate.
- How often you make repayments – monthly, fortnightly or weekly.
Then put in your lump sum details:
- The amount you’ll be able to put down.
- How many years into the home loan term you’ll be making the payment.
How to read the results
The Lump Sum Calculator will do the rest, showing you the interest and time saved on your home loan. The graph will show you the lump sum principal and the original principal for each year of the loan. You can also view a yearly breakdown of the interest you’d be charged with and without the extra payment.
Play around with different amounts and timings to see how a bit extra here and there could impact the total cost of your home loan.