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- How will extra payments reduce my home loan?
How much time and interest can you save by paying more than the minimum repayment.
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Whether you are in an existing loan or thinking of acquiring one, eChoice makes calculating your monthly home loan rate easy with the extra repayments calculator. Depending on the parameters that you have specified you will be able to determine how much your monthly repayment is and how much your total payable interest is as well.
Speaking of parameters, you may adjust the home loan amount scale to find your loan's total value. You may also adjust the interest rate field according to your contract or specification. After which, you must fix the home loan field according to the number of years entailed in your home loan.
After adjusting these fields, you may choose from weekly, fortnightly, monthly or yearly repayment frequency options. Under it is the repayment type field where you can choose from a principal and interest or interest only option. After adjusting and entering the details, the extra repayments calculator will display results in number and graph form.
Of course, the results from this calculator can be saved for future use. You may also print the results or email them to a friend. Also, the results from eChoice's extra repayments calculator must be used as a guideline only and not as a pre-qualification or quote for a home loan. Better yet, bring the results to one of eChoice's home loan consultants to have a better picture of your home loan.
