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A Look at the Extra Repayment Mortgage Calculator

By Crowin Smith Subscribe to RSS | December 13th 2011 | Views:

Every Australian citizen dreams of having their own home. Majority of property acquisition in Australia are done through mortgage loans. However, getting a good and stable mortgage is just half of the whole process. As long as you haven’t settled your mortgage, there will still be a chance that you could lose it. That’s why every borrower is advised to take things slow and carefully analyze their needs versus the home loan product that they wish to secure. The goal is to get a loan that will provide all or some of the features that you need in a loan without costing much.

Somewhere down the road, you’re going to deal with principal and interest payments. And of course, you would want nothing but to save on your mortgage payments. One way to do it would be to spend more and make additional repayments. The availability of this loan feature would depend on the type of loan and the agreement you made with your lender. Extra repayments are automatically offset against your mortgage principal. As you lower your principal, your interest payments also decrease. That’s why it is advisable to those who have extra funds to make additional payments whenever they can. Not only will they lower their monthly repayments, they will also shorten their mortgage term and pay their loan faster. To know more how extra repayments work, you can use an extra repayment mortgage calculator.

Using this mortgage calculator is fairly easy even for first home buyers. All that needs to be done is to provide all the necessary information about the initial mortgage amount, the applicable interest rate, the honeymoon rate period (if applicable), type of repayment schedule, frequency and amount of the extra payments, etc. The additional repayments don’t have to be regular. The point is you should pay extra on top of your regular mortgage payment whenever possible.

The extra payment calculator will provide you with figures that will allow you to determine the amount of money you will be able to save on your mortgage, as well as the amount of time you can slash off from your mortgage term. And of course you’ll be able to see the difference because the calculator would allow you to compare your original repayment plan with the figures from the additional repayment plan. As for lenders who don’t allow you to make additional payments, especially if you have a fixed rate mortgage, you might be fined if you try to pay extra.

If you want to avail of the extra repayment feature, using the extra repayment mortgage calculator can help you plan your repayments accordingly to accommodate the added funds and maximize the effect on your mortgage loan.

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