If you find yourself in a situation with more regular money at hand, then extra repayments on your mortgage can help you significantly over the long-term. Use Smart Property Investment's extra repayment calculator as a guide to find out how quickly you can pay off a loan with additional payments.
The total value of the loan applied for in a loan agreement.
The amount of interest due per period, as a proportion of the amount loaned, deposited or borrowed.
The number of years needed to repay the loan, as indicated in the loan agreement.
The schedule in which repayment is made, whether the loan is paid every monthly, fortnightly, or on a weekly basis.
Extra contribution starts after
Period of time that has passed from the start of the loan agreement until the current month when repayment was made in which the extra payment was applied to the loan agreement.
Minimum Monthly Repayments
An amount that estimates the value of monthly repayments to be made to use by investors to satisfy the loan.
Increased Monthly Repayments
An amount that estimates the value of monthly repayments to be made to use by investors to satisfy the loan added to the extra contribution made to the loan agreement.
Period of months or years in which the amount of extra contributions applied to the loan agreement that is subtracted from the stipulated period of time in the loan agreement.
Amount of interest payments in which the amount of extra contributions applied to the loan agreement that is subtracted from the stipulated total repayments to be made in the loan agreement.
The information provided by the extra payment calculator is intended to provide examples based on stated assumptions and inputs entered and are meant as estimates. It is advised that you consult with your mortgage broker about your specific circumstances in paying additional extra contributions.