If you currently have a home loan, you may want to explore ways to pay it off sooner and learn how much money you could save in future interest payments. This home loan calculator can help you get a better understanding on what your current loan will cost over its life, then see the results of making hypothetical changes. You may be eligible to refinance for a smaller amount, or at a lower interest rate than you currently have; the mortgage calculator gives a clear picture of how that will help.
Once you’ve explored the variables on the first tab, see how making extra payments at different intervals can affect your loan. Another potential source of significant savings is an offset account, which is a savings account linked to your loan. Your mortgage balance is offset daily by the amount of money in the offset account, so the interest rate is calculated for your loan amount less the amount in the offset account. The money in the offset account is still available for your use, just like any other savings account. With each change you make, the mortgage repayment calculator will automatically update the interest and time saved.
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