How long to repay calculator – Use the Atomic Home Loans How Long to repay calculator to calculate how long it will take to repay your home loan based on your current repayments and interest rates.
This how long to repay calculator is fairly simple to use. It requires that you first input the loan amount, your interest rate, your current repayment amount as well as your repayment frequency.
This calculator allows you explore various scenarios whereby you are able to adjust your repayment amount or the interest rate, and the results will show you exact what the new loan term will be.
You will find that the lower the interest rate and higher the repayment amount, the loan term is substantially reduced.
Due to the power of the compound effect, the potential savings through higher repayments and lower repayments is usually much greater than one may initially assume.
For instance, if you have a $500,000 home loan with weekly repayments of $700, changing the interest rate from 5.50% to 5.4% will reduce your loan by approximately six months. Reducing the interest down to 5.0% will save you an additional 2 years of time.
This How long to repay calculator will give you a very clear picture of how long it will take you to repay your home loan based on a fixed repayment amount along with a fixed interest rate.
Keep in mind, over the course of a standard 30 year loan term, your interest rate will almost certainly fluctuate. This could work both for you and against you, depending on market conditions.
It’s useful to have a great, trusted mortgage broker on your team whom can review your home loan every 12 months to ensure you are getting the best deal possible.
If you require some assistance or would like to schedule a friendly appointment with an expert from Atomic Home Loans, you may do so by calling (02) 9188 8834 or by leaving us a message on our contact us page so one of our experts can get in touch with you.See All Calculators