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?

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 great tax refund, an inheritance or a bonus, applying a lump sum payment to your home loan can make you a homeowner even sooner than you thought.

At McDonald Jones, 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.

 

Why Choose to Make Lump Sum Payments?

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.

*Note: The numbers we provide with this calculator are only to be used as an estimate and you should talk to your lender for more specific information. Make sure to check your loan documents before making any lump sum repayment, as there may be a penalty for prepayment.

Take advantage of this helpful tool to help you save money and time repaying your loan. For more information or to discuss buying a new home in ACT, QLD or NSW, contact McDonald Jones today.