With this in mind, you should only use this calculator to get an indication of how making extra repayments will affect your home loan. Depending on the type of home loan you get and how your circumstances change over the years, the time and money you save making extra repayments may be significantly different from the answer you get here. Keep in mind a calculator can't give you a precise result because of the amount of variance between financial lenders and their home loan products. The final repayment after repayments are increased will be a partial repayment to reduce the loan balance to zero without a negative owing amount.No rounding takes place during calculation, while repayments are rounded to the nearest cent in practice.A year is made up of 26 fortnights or 52 weeks, counted as 364 days.Interest is calculated by compounding repayment frequency, when in practice, interest compounding frequency may not be the same as repayment frequency.The interest rate remains the same over the loan term.Ongoing or upfront fees and charges are not taken into account.One graphic is a chart that indicates how much you. This extra loan repayments calculator provides you with an estimate based on the details you input and a series of assumptions, including: Finally, youll find two useful graphics to help you visualize the outcome of making extra mortgage payments. Total interest saved by making extra repayments.Total time saved by making extra repayments.Your total home loan repayment, including extra contributions.Your results will generate automatically when you enter your details into the calculator. The earlier you start making these repayments, the more time and money you will save with your home loan. Use the loan balance chart to get a visual of how making extra repayments affects your mortgage. Simply enter the details of your home loan, as well as how much your extra repayments will be and after how many years you will start making them. The extra repayment calculator works like the mortgage payment calculator, except that it will also take into account regular principal-only repayments. Use our extra payment calculator to determine how much more quickly you may be able to pay off your debt. How does the extra repayments calculator work? By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments.
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