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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.
To use the Lump Sum Calculator, all you need to do is enter the following details:
Then put in your lump sum details:
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.