Those following this blog will recall I recently created the Mortgage Repayment Calculator. As usual, when you do one thing it often leads to another. In this case I couldn't help wondering how much do people save if they pay a little extra off their mortgage each month.
I've now added an additional page to the Mortgage Repayment Calculator (https://www.justlocal.com.au/mortgagerepaymentcalculator/payment.php), when you want to enter in how much to pay, to see the effect on how much more quickly the loan will be paid off and how much it saves in interest.
Using an example of a $600,000 loan over 30 years at 5%, if you pay say an extra 10% each month, the loan is paid off five years earlier with a saving of around $100,000 in interest. That's a pretty big saving.
In any case, if doing some what-if calculations appeals to you, you now have a tool that may assist.
Kelvin Eldridge
Mortgage Repayment Calculator
I've now added an additional page to the Mortgage Repayment Calculator (https://www.justlocal.com.au/mortgagerepaymentcalculator/payment.php), when you want to enter in how much to pay, to see the effect on how much more quickly the loan will be paid off and how much it saves in interest.
Using an example of a $600,000 loan over 30 years at 5%, if you pay say an extra 10% each month, the loan is paid off five years earlier with a saving of around $100,000 in interest. That's a pretty big saving.
In any case, if doing some what-if calculations appeals to you, you now have a tool that may assist.
Kelvin Eldridge
Mortgage Repayment Calculator
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