Make extra mortgage repayments

Consider the following example:

If you can pay an extra $500 per month (or total monthly repayments of $2,909), you can save $105,600 in interest and cut 7 years and 3 months off your home loan.

If you can pay an extra $1,000 per month (or total monthly repayments of $3,409), you can save $157,700 in interest and cut 11 years and 2 months off your home loan.

Making extra mortgage repayments is a guaranteed way to reduce debt and create wealth.

Click on Managing debt and reducing your mortgage for more information about managing debt.

Important Information

The above information provides an overview or summary only and it shouldn’t be considered a comprehensive statement on any matter or relied upon as such. The above information doesn’t take into account your personal objectives, financial situation or needs. It’s important for you to consider these matters before making any financial decision and I recommend you seek help from a financial adviser.