How much will a lump sum payment reduce my home loan?
How much time and interest can you save by paying a lump sum off your loan.
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Lump Sum Repayments Calculator
Paying your home loan in lump sum can save you time and money. Here at eChoice, we let you determine the amount of money and time saved from your home loan with the lump sum repayments calculator.
This device measures the duration of the home loan and interest savings if an additional lump sum repayment is made that will start after the home loan is in effect for a number of years. The lump sum, of course, is an additional payment to the regular home loan rates.
To find out your lump sum related savings, you may adjust the home loan amount, interest rate and loan term fields to your specifications. Next, you must choose from weekly, fortnightly, monthly or yearly payment terms. After that, you must adjust the lump sum amount and lump sum payment made according to your desired values.
Let it be known that this calculator assumes that all months have equal number of days. This calculator also assumes that a year has exactly 52 weeks or 26 fortnights. Consequently, the lump sum repayments calculator is also programmed to work with a 364-day year and not with the true 365 or 366 days.
After taking these steps, the lump sum repayments calculator will display your adjusted monthly home loan repayment which is rounded off to the nearest cent. This calculator also shows your time and interest savings in relation to the adjusted monthly home loan amount.
Once you have determined the results, it is then time to show it to an eChoice home loan consultant who will assist you with your home loan application.