Are you looking for a way to save significant amounts on interest for your home loan? Do you want to shorten your loan repayment period? Yes and Yes!
Additional lump sum repayments are a great way to help you save money and take months or even years off your home loan. Whether you got a decent tax refund, an inheritance or a bonus at work (cheering), applying a lump sum payment to your home loan can make you a homeowner even sooner than you thought.
At Wilson Homes, we have a range of finance tools to help you understand your loan repayments and find the right home loan for you. With this lump sum repayment calculator, you can find out how much you can save by making a one-off lump sum repayment on top of your current repayments. The amortisation schedule that we provide can show you how your total interest expense changes as well. The larger the lump sum and the sooner you apply it, the more interest and time you could save.
By paying off your debts, you get a guaranteed return on your money by saving on interest that you’d otherwise be paying on the loan. Depending on your home loan, you can actually get a greater return than you might have if you invested your money. Combine this with repaying your loan sooner and freeing up some extra cash at the end of the term, and you’ve got a great strategy. Smart thinking Wilson!
MyChoice Home Loan’s handy home loan calculators will help you make the best decisions about your home or investment loan. These mortgage calculators will give you an idea of how much you can borrow; what your repayments would be on your home loan; which loan is best for your unique needs; and how much you will need for your stamp duty and other costs.
While these loan calculators are great for your initial research, our home loan experts will be able to provide you with more details on your options and find the best solution for your unique circumstances.
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