mortgage amortization calculator with extra payments

#Mortgage amortization calculator with extra payments professional

With this in mind, it could be worth checking the terms and conditions attached to your mortgage before deciding whether making extra and lump sum payments will work in your favour. Most notably, lookout for a ‘break fee’, which is generally only charged if you pay down your fixed-rate (rather than a variable rate) home loan earlier than expected.

Since the amount of interest is based on the principal, the lower this amount is, the lower the interest charges.ĭespite these benefits, it’s important to note the drawbacks of making extra payments. Think of it this way: extra repayments directly pay down the principal amount owing on your home loan (the amount of money you borrowed). Making extra and lump sum payments can significantly diminish the total amount you pay back on your mortgage, which could save you tens of thousands of dollars. The sooner you can contribute additional money along with your standard monthly repayments, the better. The average home loan can span anywhere from 25 to 30 years - this is a big commitment! It’s also a long time to be making repayments and incurring interest, which is why reducing the life of your home loan is a helpful way to save money.Īn easy way to make your money work for you is to put it towards your mortgage in additional and lump-sum payments. ~ Not all brokers or advisers offer the products of all lenders or solution providers.Save on interest and reduce your loan term by making extra or lump sum payments Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan. Different amounts and terms will result in different Comparison Rates. WARNING: This Comparison Rate applies only to the example or examples given. # The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years. * Note: the home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product, the product may not include all the features relevant to you, and not all products are available in all states and territories. You can obtain a copy of the PDS by emailing or by calling 13 77 62. If any financial product has been mentioned, you should obtain and read a copy of the relevant Product Disclosure Statement and consider the information contained within that Statement with regard to your personal circumstances, before making any decision about whether to acquire the product.

#Mortgage amortization calculator with extra payments professional

Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. It should not be relied upon for the purposes of entering into any legal or financial commitments. Because of this, you should consider the appropriateness of the advice to your own situation and needs before taking any action. This website has been prepared without taking into account your objectives, financial situation or needs. The information provided on this website is for general education purposes only and is not intended to constitute specialist or personal advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments. The results from this calculator are an approximate guide only and do not constitute specialist advice. Rates and repayments are indicative only and subject to change. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.ĭisclaimer - Loan Repayments: The lowest interest rate from our lender panel is either standard variable or 3-year fixed for an owner-occupier. Loan repayments are based on the lowest interest rate (either standard variable or 3-year fixed rate, owner occupier) from our lender panel over a repayment period of 30 years. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.ĭisclaimer - Borrowing power: The borrowing amount is a guide only.

The results from these calculators are an approximate guide only and do not constitute specialist advice.